FANNIE MAE HOME PATH PROPERTIES

REALTOR NEWS UPATE- RE FANNIE MAE HOME PATH PROPERTIES

Just a note so that you know, Fannie Mae recently announced that it will pay 3.5% seller concessions that can be used toward closing costs or the buyers choice of appliances.  The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.   

If you are unaware of these properties you can view a complete listing of all qualifying properties at www.homepath.com, in addition to this benefit, home path properties qualify for special financing through Fannie Mae that has NO MONTHY MI, and NO APPRIASAL.  Which means that if Fannie and the Lender approve it you don’t need to worry about a MI company turning it down.  It does follow all other Fannie Guidelines, and very few lenders offer the financing.  

In addition, Home Path mortgages can be gotten by investors (Non Owner Occupied purchases), for a long term hold, the loan cannot be used to flip properties, and the purchase would not qualify for the sales concession, but to by an rental property with 10% down, 30 year fixed rate and no MI?  Well that’s just plain ridiculously good!



We do have Home Path financing available.  Please call me with any questions.


See Complete Press release below…


News Release    
 

    January 28, 2010     
 

 
Fannie Mae Announces 3.5 Percent Seller Assistance on HomePath® Properties

Incentive Part of Ongoing Effort to Stabilize Neighborhoods
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010.
"Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover. Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Homebuyers have the option to choose between financial assistance toward closing costs or new appliances for their home."
Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing which offers homebuyers an opportunity to purchase with as little as 3 percent down.
 

 

 

    Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.     
 

 

 

    Fannie Mae Resource Center    Telephone 1-800-7FANNIE
(1-800-732-6643)