homepath properties for sale: WEST HOLLYWOOD CONDO: Eligible for Fannie Mae HomePath Program
- 09/19/11 08:32 AM
One of the hardest hit markets in Los Angeles & Ventura counties is the condo market. Nowadays, condo financing is extremely challenging because so many condo complexes are simply not eligible for any kind of financing, - PERIOD!!! For buyers in the lower end of the market here, buying a condo is nearly impossible. As a result, many condo sales are strictly all-cash investors looking for rental income, which makes any future financed sales even more remote and less likely than ever before. The biggest issue with getting condo financing is that a) the owner occupancy rates are too low, b) the … (10 comments)
One of the hardest hit markets in Los Angeles & Ventura counties is the condo market. Nowadays, condo financing is extremely challenging because so many condo complexes are simply not eligible for any kind of financing, - PERIOD!!! For buyers in the lower end of the market here, buying a condo is nearly impossible. As a result, many condo … (20 comments)
With hundreds of HomePath (HP) properties available here in Los Angeles & Ventura counties and dozens more coming up soon, I get numerous calls/emails asking me about the HP loan program as well as the HP properties.
For starters, HP properties are Fannie Mae foreclosures; these are properties that were foreclosed by a lender where Fannie Mae was the investor. Because Fannie Mae holds these loans, they can revise their own conventional guidelines. As a result, there are some great benefits to purchasing one of these properties. One of the best benefits is that HP only requires 3% … (11 comments)
homepath properties for sale: ATTENTION SIMI VALLEY FIRST TIME BUYERS: Fannie Mae HomePath Properties Eligible for $150,000 in Down-Payment Assistance
- 04/20/11 11:24 AM
The other day, I posted What is a HomePath Property and How Can I Buy One? - FAQ #11. Basically, I blogged about the pros and cons of Fannie Mae's HomePath properties and loan program. Now, anyone who has read my blog, knows that I am not a big fan of this program or most of the run-down, dilapidated, dumpy properties that fall under this program. My professional experience with these properties are that many of them are in worse shape than most of the other REO's on the market. Furthermore, I'm not convinced that the advantages of this program … (6 comments)
With nearly 800 HomePath properties available here in Los Angeles & Ventura counties and more than 50 more coming up soon, I get numerous calls/emails asking me about these properties. And now, Fannie Mae has special incentives for owner occupied buyers to provide 3.5% towards their non-recurring closing costs. Just this week, I've already received a couple of calls and I strongly suspect that will continue until their special offer expires on September 30, 2011. For starters, HomePath properties are Fannie Mae foreclosures; these are properties that … (40 comments)
Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus to Buyers Agents (BA) on HomePath (HP) properties that close escrow on or before December 31, 2010. In order to be eligible for these special HP incentives, properties must close within 60 days of the offer being accepted and buyers must be occupying the property as their primary residence. Furthermore the BA's must submit the offer after September 23rd and must request the incentives in the initial offer. The 3.5% seller contribution must be used towards closing costs and the seller credit may … (2 comments)
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