Special offer

Fannie Mae's Homepath Program

By
Real Estate Broker/Owner with Realty Concierge International MA #9535680 RI#S32765

I know this mortgage program is not a secret by any means but wanted to state my recent experience with it:  Homepath by Fannie Mae.

I was recently a selling agent on a property listed by fannie mae.  Because I had searched properties directly thru the efanniemae website I was able to find the perfect home for my first time homebuyers AND advise them of the special offer that was Homepath.  We negotiated a great price for a four year old condex in MA AND we got closing costs paid AND we got them some new appliances. 

I was not the mortgage officer on this transaction but I did advise my buyer's mortgage professional of this program (which he knew nothing about at the time of offer) and it went wonderfully! That mortgage professional is now raving about it - no appraisal, no MI!

Here is some features of Homepath financing:

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance*
  • No appraisal fees

IF YOU PUT IN AN OFFER ON A HOMEPATH HOME THRU FANNIE MAE AND CLOSE PRIOR TO JUNE 30, 2010 THERE IS A SPECIAL GOING ON:

Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes

Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home by June 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

  • Closing costs;
  • The purchase of new Whirlpool® appliances by Fannie Mae; or
  • A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

  • Property sales must close by June 30, 2010
  • Buyers must be owner-occupants, investors are excluded

My buyers were thrilled to get a great property at a great price AND come to closing with less money AND have a lower mortgage payment since there was no MI AND have all new appliances.  WIN WIN for everyone!

Posted by

 


Kelly McGovern, Broker/Owner

Realty Concierge International
Mobile: (508) 331-7158
eFax: (877) 491-3766
Email: Info@KellyMcGovern.Realtor
Website: http://www.RealtyConcierge.Realtor
9535680

Comments(4)

Jody Lautenbach
Century 21 Premier Associates - Pella, IA

Good to know _ I have one that I am trying to get together on - they do not like our financing - an in house loan with no appraisal.

May 18, 2010 10:38 AM
Kelly McGovern
Realty Concierge International - Bellingham, MA
Working with Kelly is a good move

That's where working with a mortgage professional who is approved to do Homepath loans come in to play!  If you go to a mortgage person who doesnt offer this program they will push an FHA or USDA but the problem most likely will be the appraisal - which is null and void with Homepath!  Also the no MI makes the payment still lower in most cases using Homepath.

May 18, 2010 11:05 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Kelly: Thanks for pointing this out. I also blogged about this, especially the Homepath Renovation Program. I'm one of the lucky lenders who offers this. Not everyone can do this-you have to be chosen. I wish you well.

P.S. Are you going to Raincamp Bellingham here in a couple of weeks?

May 18, 2010 11:48 AM
Kelly McGovern
Realty Concierge International - Bellingham, MA
Working with Kelly is a good move

Oh forgot to mention also -- if the property is a condo that is eligible for a Homepath loan - still no appraisal and NO CONDO QUESTIONNAIRE - sounds like to me they dont care about investor concentration! :)

May 19, 2010 03:40 AM