Am interested in a homepath auction house?

Asked by Kc Czech, Tucson, AZ Fri Aug 12, 2011

when i register for the auction process and pull up the house it says unfinanceable. What does that mean...can I still purchase using private mortgage money?

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..., , Lexington, MA
Fri Aug 12, 2011
If you went to FannieMae's HomePath.com site you'll see a "HomePath Mortgage" or "HomePath Renovation Mortgage" logo on the listing where FannieMae offers financing for the property. There are some auction sites that list FannieMae properties from the HomePath site but as far as I know FannieMae does not have any auction information on the HomePath site. I suspect that you went to auctions.com or some other site other than HomePath.com Having said that, you can use FannieMae's special HomePath financing on HomePath properties or you can use any other sort of financing. FannieMae simply provides financing as an incentive to sell the homes. The bank I work for, Flagstar, finances HomePath mortgages and HomePath renovation mortgages in 50 states. Good luck with you home search! Let me know if I can be of help.
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Kc Czech, Home Buyer, Tucson, AZ
Fri Aug 12, 2011
I see my error, it was a homepath home that has gone to auction, probably because they discovered it would need to be cash only. thank you
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Ron Thomas, Agent, Fresno, CA
Fri Aug 12, 2011
There's something wrong with your question:

HOMEPATH is a FINANCING method/type; it nothing to do with AUCTIONS.

At the AUCTION; when a house is "unfinanceable" that means they want CASH.
If you used a HARD MONEY lender; yes, that would work.
It would also mean that the house, because of Health and Safety issues, will not meet FHA standards.
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