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Stilllooking, Home Buyer in 33073

Homepath fannie mae

Asked by Stilllooking, 33073 Fri Sep 17, 2010

I've been searching the homepath website for my next home. I understand that with homepath you only have to put 3% down. Is it possible to include the closing cost on thier homes, like you could on a regular reo, or do they have certain guidllines that won't allow this. let say that a home is 80,000 and you want to offer that and an additional say 6% to include the closing cost in the purchase price. is it possible?

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HomePath Financing
HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

•Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
•You may qualify even if your credit is less than perfect
•Available to both owner occupiers and investors
•Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
•No mortgage insurance*
•No appraisal fees
•Also eligible for HomePath Renovation Mortgage (see details below)
•HomePath Mortgage financing is available from a variety of lenders - both local and national.

Web site: http://www.fanniemae.com/homepath/financing/index.jhtml
0 votes Thank Flag Link Fri Oct 29, 2010
Ask for a 6% credit from the seller towards all closing costs. You may not need to up the purchase price. Your realtor should be able to tell you how hot of a property it is. Fannie Mae can be very understanding especially when they want to move a property
Web Reference: http://www.thereadyway.com
0 votes Thank Flag Link Sun Sep 26, 2010
There are two types of HomePath mortgages, regular and "renovation". You must do a "renovation" if that is the only type of financing listed on the http://www.HomePath.com listing page. If it says "HomePath" and also "homepath renovation" you're okay to do either. With HomePath financing you will not have to pay for an appraisal and although the interest rate is higher, you will not pay extra Mortgage Insurance as you would with an FHA. And... FHA requires the house to pass an inspection by the appraiser so it may not qualify for FHA.

To compete with other buyers, make sure your preapproval letter is from a well known lender, i.e. Wells Fargo or your credit union. Mortgage broker preapproval letters may not be sufficient evidence you can get a mortgage because they do not actually lend money, just "broker" it to an actual lender.

Fannie Mae properties often sell for more than the asking price so if you want them to pay your closing costs, increase your offer above the asking price by at least the amount of your closing costs if not more.
0 votes Thank Flag Link Mon Sep 20, 2010
Yes, you can get at least 3% seller concession on homepath homes as well as any other sale.
However, I think if the downpayment is your concern, your better option will be an FHA loan since it has much better rates than homepath rates. Homepath has very high qualification guidelines as well.

If you'd like to call us, we'll walk you through the loan options, pre-qual you and quote you on different loan programs rates and costs, so that you could get a clearer picture. 239-206-4500 or eo@oceanhomesrealty.com

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
Latest Post: Naples Luxury Home on Fire
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Sat Sep 18, 2010
Hi Still looking,

Asking for closing cost can be negotiable when making your offer. I have seen buyers get 3.5%-6% in closing cost assistance but this can hurt your offer when you are competing against many other consumers who are also looking for a homepath property. Homepath relies on local Realtors to show their properties and sell them. Contact a local realtor in your area who has dealt with homepath financing before and they can help you with no cost to you!

Good Luck!
Chris Blasic
0 votes Thank Flag Link Fri Sep 17, 2010
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