As you search for homes and you begin to see comments in the remarks section such
Fannie Mae Owned Home or this property is approved for HomePath Mortgage Financing or HomePath Renovation mortgage financing you might wonder what all that is about.
Well that means that Fannie Mae already owns the home. And Fannie Mae is stating that you the buyer can purchase the home using their special financing. This is what HomePath Financing is all about.
The Home Path Financing Program:
- Three percent down payment ( not three and half like an FHA Loan) Big Savings.
- No PMI-( private mortgage insurance) another big savings!
- No Appraisal needed. ( another savings of approximately $400)
- This financing is also available to investors for second home purchases with a ten percent down payment.
- Most loans are offered including fixed rates and arms
- The only stipulation from Fannie Mae is you must use one of their approved lenders to submit and finance the home. Who are those lenders? Well locally here in the Prince William County Virginia area my suggestion would be to contact Markita Aldridge Woods of Westar Mortgage in Lake Ridge Virginia or Mark Edwards from PNC Mortgage.
"Did you know that Fannie Mae Homes already makes sure that the homes must have functioning systems, electric, heat, plumbing and must they be structurally sound. No significant cracks or disrepair."
Now lets talk about the " Homepath Renovation Mortgage". This program is offered on the homes that are in need of a face-lift. An appraisal is needed for these homes.As Fannie Mae has already determined that, a property is basically sound and functional however in order to sell it the buyer may need funds to improve the home. ( These home are for all of you who have vision and who can see the potential once the updates are competed!)
The major stipulation with this loan is that the renovations must add value to the property. For example hardwood floors, new appliances,a new deck etc. The appraisal is done considering what improvements are needed and assuming those are completed what the house would be worth. So you would close on the HomePath Loan and the HomePath Renovation Loan at the same time and the repairs would be paid for with the HomePath Renovation Loan.
Sounds great right?
Would you like to see the current homes where you can use the Fannie Mae Homepath Financing ?
Keep in mind, if you follow the suggestion in the comments you are calling the Realtor (Listing Agent) who works on behalf of Fannie Mae. It is always recommended that you hire a Buyers Agent to help you.
We work as Buyer Agents for you.
Contact Peggy Jamesor Erick Blackwelder of Erick and Company ofExit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252(Office).If you are a homeowner who has a home to sell, we have buyers ready and waiting for nice homes to come on the market.
Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City, Gainesville, Garrisonville and Triangle area's .