Foreclosure in Michigan>Question Details

Justin, Home Buyer in Michigan

Home Path Mortgage?

Asked by Justin, Michigan Sat May 30, 2009

Hello, I found a home that qualifies for the home path mortgage. My realtor told me the main reason is because the home did not have any carpet at all, for some reason it was torn out and that you cannot get a occupantcy permit with it in that condition. I am hoping this will discourage other buyers. I put a bid for $130,000 with seller paying closing costs. The home was listed for $124,900. Can someone explain how the home path mortgage works if I am the winning bidder?

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The property will qualify for the HomePath mortgage only if it is already owned by Fannie. The HomePath also has a renovation product if it needs to be fixed up some.
0 votes Thank Flag Link Thu Aug 13, 2009
Homepath mortgages are what Fannie Mae offers on its foreclosed homes. You can use them or your own mortgage company. You can get much more detail by getting on Fannie Mae's website. I'm not sure where this home is, but the lack of carpeting should have little to do with an occupancy permit. It may be a red flag however, indicating that there was a water problem. Good luck.
0 votes Thank Flag Link Sat May 30, 2009
http://www.fanniemae.com/homepath/financing/index.jhtml

Justin - that link will provide you more details ... and your agent should be able to go into more depth, as well. Good luck.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Sat May 30, 2009
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