How can I buy a Fannie Mae property?

Asked by Anne, Chicago, IL Tue Jun 12, 2012

I have been searching for homes at the HomePath site. I'm interested in purchasing one from them since they say that you only need 3% downpayment. Does anyone here know the best HomePath lender for IL? Where can I find a IL real estate agent who can assist me in buying a Fannie Mae property?

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Laura Rivera, Agent, 60622, IL
Thu Aug 16, 2012
Hello Anne,

Feel free to call me to discuss. I would be glad to help and provide info on the process.

0 votes
Ivan Sagel, Agent, Chicago, IL
Thu Jun 21, 2012
Hi Anne,

I would be happy to help you find a home. My services are free to you as a buyer. Have you been pre-approved for the mortgage yet? If not, I can recommend some great lenders to talk to.

Ivan Sagel
0 votes
Seth Captain, Agent, Chicago, IL
Mon Jun 18, 2012
If you plan on owner-occupying the property (you are not an investor or itinerant farmer), make sure whatever agent you utilize requests the closing cost credit for you. Often times, Homepath properties will cover at least 3% of your closing costs, which amounts to thousands (usually) of dollars. But the agent MUST request it.

They are also great properties if you want to do rehab, because many of them are eligible for what they call, "HomePath Renovation Financing" so you could put that 3% down and get another $30,000 to build your dream triple bidet bathroom (restrictions apply).
0 votes
Kawain Payne, Agent, Seal Beach, CA
Sat Jun 16, 2012
Hello Anne,

Unlike HUD, Fannie Mae dooes not require selling agents to be registered with them. Any lic agent can assist you in buying a homepath home. First step is to get pre approved for a mortgage loan. The home path web site should have a list of approved mortagae lenders, once you have loan approval all you need to do is select a good buyer's agent and you will be on your way to homeownership.

Best of Luck to You,

Kawain Payne, Realtor
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Jun 13, 2012
Greetings Anne,

The Fannie Mae properties are all foreclosures. The condition of the properties varies from almost move in ready to complete gut rehab. Should you need any assistance in your search for a home and loan, I'd be glad to assist you.

Bill J Deligiannis
0 votes
Nick Clancy, Agent, Chicago, IL
Tue Jun 12, 2012
Hello Anne,

I would be able to help you purchase a Homepath property, I am am agent.
Give me a call or send me an email when you have a chance.

Thank You,

Nicholas Clancy

1931 South State St.
Chicago, IL 60616

Direct 312.217.3237
Fax 312.842.2626

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