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HomePath Financing may be your only home loan option

By
Real Estate Agent with AXIA Real Estate Group Inc ~ Imperial Valley Real Estate

Imperial Valley listings, info & photos on your cell phone, text GOTO IVREO to 95495

I was reminded earlier in the week of some of the great benefits HomePath financing offers in certain situations.

In the Imperial County and many other parts of the country HomePath financing may be your only option to purchase a home specifically if it is a condo. We have several condominiums in the Imperial Valley that are not financeable because of low owner occupancy levels and defunct HOA’s.

HomePath is the brand Fannie Mae uses for its REO listings. HomePath financing is the home loan program made available for property owned by Fannie Mae. In some cases it may be your only option if you don’t have cash. I'll review some of the primary benefits of using HomePath financing below.

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, with flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

Benefits to You, the Buyer

- Low down payment with flexible terms like a fixed-rate, interest only, or adjustable rate.
- Down Payments with as little as 3%, if you can afford 5% you will have fewer fees than the 3% option.
- Down Payments can be funded by savings, a gift, a grant, employer, or even a loan from a nonprofit organization.
- HomePath does not require the buyer to pay for an appraisal.
- No mortgage insurance.
- The option to have the seller contribute towards your closing costs with a credit.
- This home loan program is available for primary residences, second homes and investment properties.
- My favorite reason, many condo projects are approved for HomePath financing while other FHA and conforming loans are not.

You should give HomePath financing strong consideration especially if your looking at certain condos that may have limited financing options.

If your looking for HomePath listings in the Imperial Valley you can set up a search on ImperialValleyREO.com or HomePath’s website. If your considering a HomePath property my team and I have sold hundreds of them. Please feel free to call or email us with any questions.

Imperial Valley listings, info & photos on your cell phone, text GOTO IVREO to 95495

To learn more about buying your first home, check out my How To video called http://firsthomebuyervideo.com to learn more.

How can I help you?  Feel free to visit and post comments regarding the website and stay tuned for upcoming changes to the look and feel of ImperialValleyREO.com

Are you in the market to buy a home?  Get personalized information for any area in the Imperial Valley, including El Centro, Brawley, Calexico, Imperial, Heber and surrounding cities by going to ForSaleByFred.comGetRealWithFred.com,
ImperialValleyREO.com, or First Time Home Buyer Video

Imperial County homeowners who are considering selling their home are encouraged to contact Frederic Din, REALTOR(R) for additional information about getting the most current market values for your home or area.  Member of the Imperial County Association of REALTORS (ICAOR).

El Centro real estate - Brawley real estate - Imperial real estate - Calexico real estate - Heber real estate - Imperial County real estate - Imperial Valley real estate - Imperial Valley REO - Imperial Valley MLS

Imperial Valley listings, info & photos on your cell phone, text GOTO IVREO to 95495


 

Posted by

Thank you for reading

Frederic Din, REALTOR(r) Lic #01274420

"Your Imperial Valley Housing Specialist"

Call me 760-235-4885

or feel free to email me info@ivforeclosures.com at anytime. 

Text me at 760-332-8288

Comments (5)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Homepaths Financing is a good option for buyers of Fannie Mae homes. Thank you for the reminder.

Jul 14, 2011 11:05 PM
Tom Meyer
Exit Advantage Realty - Dallas, TX

Frederic,

Good information I think they also cover my area Dallas Texas.  I will  check. Thanks

Jul 14, 2011 11:05 PM
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

Homepath also had a renovation loan that allows you to get money for repairs and include them in the loan. This is good way to get the property in good shape with low cost financing.

Jul 14, 2011 11:24 PM
K. J. Oommen
Meadowbrook Financial Mortgage Bankers Corp - Silver Spring, MD

Very good information, most of the Lender requires FICO mid score of 660 for HomePath mortgages.

Jul 14, 2011 11:42 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

HomePath financing maybe just the right thing for a lot of first time home buyers..

Jul 15, 2011 12:33 AM