Fannie Mae Homepath Mortgage Loans...NO Appraisal, NO MI and NO Condo Certification!

Deb Brengman Muelken (iloan Home Mortgage ) — Mon, 09 Jan 2012 21:38:00 -0800

Fannie Mae Homepath Mortgage Loans… NO Appraisal, NO MI and NO Condo Certification!

Looking for a fix up property… with mortgage financing readily available?

You believe you are either a handy person when it comes to home fix up projects or maybe you know someone who is handy. Shopping for foreclosed homes seems like a great idea for you, as foreclosed properties are the properties most likely to have some fix up projects that need to be completed.

This is a great idea, right up until you are not able to get financing on that foreclosed property. You may qualify for a mortgage, but the property must also qualify for financing and this is determined by an appraisal inspection. If the appraiser determines there are work orders on the property, the lender may flat out turn down the mortgage or it will be a requirement that the work be completed prior to closing. And, to make it interesting, generally speaking the seller will not allow you to do the work and many times will not do it themselves either. Pretty much turns the property into a cash only opportunity.

Do not give up… you just need to look in the right place. Fannie Mae has a number of foreclosed properties on their books, and believe it or not, they are not interested in being in the business of retaining properties, so they came up with special financing, called the Homepath Mortgage.

The Homepath Mortgage might be just what you need to meet your home purchase goal of doing some fix up yourself. Not all the properties are going to have repair needs, but it is one of the best resources for finding those that do! Depending on the property, there are other special features of the Homepath Mortgage, which make it the right choice for today’s buyer.

No appraisal – so there are not going to be any work orders of items to be repaired prior to closing or any other property issues.

No Mortgage Insurance – even though you have less than 20% down payment, it will not be required.

Down payment starts at 3% requirement for owner occupied – lower than FHA requirement of 3.5%

Down payment starts at 15% for investment properties – lowest investor down payment requirement available in the market.

Seller paid closing costs - up to 6% for owner occupied (please note: often, the banks will only give 3.5%, best to make full price offer if you want the full 6%, just my opinion) and 2% for investment properties.

No Condo Certification – no extra cost of paying for a condo review or worries about passing the requirements.

First Look Feature – owner occupied buyers have a 15 day advantage to purchase these properties before they are available to investors.

To find a property that qualifies for Fannie Mae Homepath Financing, go to www.homepath.com and you will be able to search all the properties that Fannie Mae has available in your area.

Please do not hesitate to contact me if you have any questions or concerns regarding this special financing, I have been writing these mortgages for years, it just might be the perfect mortgage for you!

Thanks! Deb – The Mortgage Lady

Personal ID NMLS#364933 Company ID NMLS#4474

Preferred Phone – 651.353.8531

Secure Fax – 1.877.869.7392

Email: deb@iloanhomemortgage.com or deb@debthemortgagelady.com

Website: www.debthemortgagelady.com

If You Are Not Doing a 90 Day Burn Now, When Are You Going to Start?

Deb Brengman Muelken (iloan Home Mortgage ) — Mon, 07 Mar 2011 19:22:18 -0800

If you are not doing a 90 day burn now, when are you going to start?

Ok, we can all stand around the water cooler and compare our successes and frustrations with our current real estate market, and sometimes that is a great way to get and share ideas. However, if you are finding yourself mostly getting negative feedback these days around that water cooler, you have a choice to make. Will I survive 2011, or am I going to be one of the many real estate agents that will retire from this career???

So, just not getting the contacts that you once were, and the referrals are coming in slower than what you have experienced in the past? And, that marketing budget is not what it once was...

Best get out there and commit to a 90 day burn, if you want to survive and thrive in 2011.

Open Houses! Ugh, you say, hate Open Houses! Well, if you have enough contacts flowing into your database, than do not read further, if you are short contacts, keep reading.

For the next 90 days, commit to doing at least 1 open house per week, minimum. Better yet, one on the weekend and one during the week. And people, please put a little thought and homework into knowing the area you are going to hold an open house.

When you are holding an open at one home, please do your homework, and have at least two to three other homes that are similar that you can offer to show folks, at a later time, maybe that afternoon after you finish your open. Imagine, instead of sounding sales like, if you offer a couple other options, you will sound service like, and maybe come across be more likeable! You will certainly come across more knowledgeable.

Signage is everything, if people can easily get there, they will stop! And, just like the garage sale with the best signage, does the best business, get those signs out to make it easy to find you! There might be that one beautiful home that folks would just love, but, if it a maze to get there, make sure you have the signs out for directions!

And, please, get the names and numbers to contact these folks back. If you have 15 people through and only have 2 names and numbers, you failed. Have a reason for them to want to give their information to you. For example, offer a free foreclosure hotlist, or for the "nosy neighbor" a report of what their area is doing. Obviously, do not have the information with you, but, something you will email to them!

Now, partner up with a loan officer, and turn those contacts into future buyers!

If you are not going to do a 90 day burn now, when are you going to start?

Here to a great 2011! Deb - The Mortgage Lady!

Deb (Brengman) Muelken - NMLS ID 364933 deb@iloanhomemortgage.com 651-353-8531

Deb Brengman Muelken's Blog

Fannie Mae Homepath Mortgage Loans...NO Appraisal, NO MI and NO Condo Certification!

If You Are Not Doing a 90 Day Burn Now, When Are You Going to Start?