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Cure Your Home Buyer's Blues! Take a Heapin' Helpin' of Fannie Mae's HomePath Home Buying Incentives Today!

By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

June 14, 2011 01:27 PM

Cure your Home Buyer's Blues!

Get a heapin' helpin' of HomePath INCENTIVES ... Call Me NOW!

FannieMae just announced that they're providing a major "dose" of incentives to cure home buyer's blues. Incentives that can mean up to a 35% increase in a home buyer's clos Gene Mundt Chicago Bancorp New HomePath Incentives blog ing credit!

To help more buyers purchase a home, FannieMae is offering up to 3.5% in Closing Costs assistance to those purchasing HomePath properties. This heapin' helpin' of assistance is available starting June 14th and runs through October 31st, 2011.

Exciting, right?

Who ... and exactly what properties ... are eligibile?? Here are the details:

• Buyers must be owner occupants of the purchased property (meaning the property will serve as their primary residence).

• Buyers are required to sign an Owner Occupant Certification Rider to the Purchase Addendum with all initial offer submissions

• Initial offers must be submitted on/after June 14th, 2011.

• Sale MUST CLOSE on or before October 31st, 2011.

• Other restrictions apply. More info about this offer can be obtained on HomePath.com, under the Special Offers tab. Terms and conditions are explained there as well.

There are even incentives being offered for your sales agent ($1,200). FannieMae is really serious about helping to "cure" your home buying blues, getting you in a new home ... and helping our ailing U.S. housing market!

I am a HomePath lender. Contact me for further information regarding this new beneficial home buying program and to find out what properties are eligible for this assistance.

Act Now by contacting me at:

Direct #: 815.277.4036 Cell/Text: 708.921.6331

Email: mailto:gene@chicagobancorp.com

Skype: 630.219.1316 Website: http://www.genemundt.com

For a: No Cost No Obligation Mortgage Consultation

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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Corinne: Understand what you're saying. But at this point, a little good news and a shot-in-the-arm feels pretty good. Hopefully it will be just the "medicine" we all need. Buyers and professionals ..

Gene

Jun 14, 2011 02:41 PM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Gene - While I still have some concerns with this program and so many of the HP properties here in Los Angeles & Ventura counties, I do think it is a good program for some properties and some buyers.

It is not for everyone, like the first time buyer who is barely scraping up enough to even buy a home. A buyer like that doesn't need the higher costs for this loan as well as the additional costs to making some of these homes habitable after the close of escrow. However, it can be a good option for those who understand the drawbacks of these properties, who can afford the higher rates and who have the reserves to bring these properties up to minimum bldg code standards.

Here in my market, we already have way too many properties that are simply not eligible for financing because they are just to run-down and dilapidated. Because of this, the inventory of available properties for financed buyers can be limited in some neighborhoods. However, with HP and their no appraisal, no MI and with condos, no HOA cert, a buyer may be able to get a halfway decent property for less than it would be to rent the same property.

Jun 14, 2011 03:12 PM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

On another note, love your new pic! Is that your lovely Marilyn? :)

Jun 14, 2011 03:14 PM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

As with any program, there are pros and cons ... and you're right. This is not for all carte blanche. It's up to you and I, and of course the buyers themselves, to discover if this program is the right one for them and truly beneficial. Thankfully, CA buyers have a well-versed caring LO in you. There's no doubt that you will do what's best for them. And yep, that's my Marilyn. It's a pic taken of us together at our son John's wedding. Always just liked it, so popped it on here. I was told recently that my other pic made me seem a tad "stiff". Hoping this makes me seem a bit more assessible ... so what do you think???

Gene

Jun 14, 2011 05:01 PM

Karen Cooper

Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL

Helping Homeowners w/Home Loans in 27 US States

Hi Gene - My husband I used an early version of this in 1995 when we bought a bank owned home in Southern California after the Northridge earthquake helped lead to a large inventory of foreclosures. They had come through and rehabbed the property, too, making it a great opportunity for us. Anything the secondary market/banks can do to help our local Realtors sell through this inventory of foreclosures is great in my book. You and Donne make good points, too (as usual :->) - buyers must be prepared for not only the current costs but the ongoing expense associated with the property. A home isn't a good deal if it's in need of immediate repair and the buyer doesn't have the ability to make the repair.

P.S. You and your lovely Marilyn look very approachable.

Jun 14, 2011 10:49 PM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Karen: I so get your point. These more "creative" loan products DO help people. When Marilyn and I bought our first home, we definitely used some "creative" financing ... for a home that would never be financed on now, and with products no longer available. I've always said that first home was our entry into the world of homebuyer and it was the best financial step we ever took. It's not the product that's good or evil, it's the use of it. If life is going to intervene, it will. If people are not going to live up to their obligations, they won't. As always, it boils down to the individual. Let's face it. There's a problem to work through. We must try to work through it somehow. This is an option. I, like you, think that's good.

It's always so good to hear from you, Karen. Hope all is going well for you and your clients. And thanks for the thumbs-up on the pic. Adding my wife into the mix is always a winning proposition for me!

Gene

Jun 15, 2011 03:52 AM

Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Gene - LOVE the new pic! You're right, adding Marilyn to any pic is a definite plus! :)

Jun 15, 2011 07:08 AM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

You don't miss a beat, do you??? I can't keep up!! Sons #1 and #2 both got married within 6 months. Lots of smiles and happy times to record. This was just one. I'll swap more in in the future. Maybe having my wife in the pic with me with bring me great luck!! I'll pass on your sentiments ... thank you ...

Gene

Jun 15, 2011 08:33 AM

Michelle Gibson

Hansen Real Estate Group Inc. - Wellington, FL

REALTOR

Gene - Great information and I too love the new profile pic.

Jun 15, 2011 01:11 PM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Michelle: Thanks for letting me know that the info was helpful. Hope it proves beneficial too. Glad you liked the pic ...

Gene

Jun 15, 2011 03:58 PM

Leslie Ebersole

Swanepoel T3 Group - Saint Charles, IL

I help brokers build businesses they love.

What a great post. I also just looked this up for someone. The incentives are pretty good. Now just need a few eager buyers!

Jun 16, 2011 04:57 PM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Leslie: Maybe this will get the market bubbling a bit?? Incentives may get their attention. Hope you get to reap many incentives ...

Gene

Jun 17, 2011 05:47 AM

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