Since the Seller pays your agents fees, it is a good idea to use an agent since he or she can answer your questions for you and negotiate your purchase at no expense to you.
Thanks for Asking.
Homepath homes are foreclosed homes owned by Fannie Mae. The home does not require an appraisal, does not have monthly mortgage insurance included in the payment, and requires a 3% down payment. Mortgage qualifying does require a 660 credit score and allow a 45% debt to income ratio. Many times Fannie Mae will accept a FHA purchase offer which has more liberal qualifying.
If you have any futher questions about qualifying please contact me.
Definitely different from a property auction site.
Link below for more details.
We meet again,
HomePath homes are Fannie Mae owned homes vs. Bank owned foreclosed homes. They waive the appraisal requirements and only require a 3% down payment for an owner occupied home purchase.
Homepath is Loan Program for Fannie mae Forclosed homes.
They require 3% down, w/no appraisal, w/no PMI
And the Down Payment can include Loans (2nd) and/or Grants, (many don't)
Good luck and may God bless
These are foreclosed homes owned by Fannie Mae. Fannie Mae homes do not require a bank appraisal if financed through Fannie Mae and have a lower 3% downpayment than FHA.
Fannie Mae often has programs such as paying for buyer closing costs going on from time to time.
Yes, your Real Estate agent would submit the offer to Fannie Mae for you.
Auction.com has homes liquidated by different parties with online bidding. However, there is a pre bidding period where you can submit an offer through your Realtor.
If you have any questions, just ask.
Arizona Homes and Land
Here is a link to the Homepath website -> http://www.homepath.com
Your REALTOR can help you submit offers to Homepath homes the same way he can submit to any other home.
Jose Dias, REALTOR
Realty One Scottsdale