As most of you know, the majority of US home mortgages are insured by either Fannie Mae or Freddie Mac. So, when a home goes all the way through the foreclosure process, the lender it ends up with is often either Fannie Mae or Freddie Mac. End result is Fannie and Freddie own a lot of real estate and needs to sell it. But how do they do that in today’s market?
With HOME PATH!!
How does Fannie Mae sell its homes?
They use local real estate professionals to prepare, maintain, and list their properties for sale. All properties are listed on the Home Path website –
www.homepath.com – and most have photographs, property descriptions
and other details, like school and neighborhood information.
Do I have to use a special real estate agent?
No. You may work with any real estate sales professional to submit
an offer on our properties. However, Fannie Mae only accepts offers
through our real estate listing agents.
There’s just one more critical step before starting your search with Home Path: that’s talking to a lender and getting a pre-approval for financing. This is important with Home Path Homes. Home Path properties are hot and usually get into escrow as soon as they're listed, thus the importance of having buyers prequalified.
• This saves time by letting you search for homes within the pre-approved,
affordable price range.
• Having this letter is also critical to showing the seller (in this case,
Fannie Mae) that you have a serious and qualified buyer. Now find a
house and you’re ready to submit an offer.
Keep in mind that a loan pre-qualification or pre-approval letter
doesn’t mean your loan is approved yet. You’ll still need to apply for
a loan once you have an accepted offer on a house.
Quick financing features for the Home Path Loan;
• 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 occupants 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 appraisal required
• No mortgage insurance
Now that you have the info on Home Path, here at Aloha Mortgage Loans we are experts with Home Path, so call us and we can walk your clients through the loan process.
ALOHA MORTGAGE LOANS
1325 S. Kihei Rd., #213
Kihei, HI 96753
(808) 874-7008 Office
(888) 879-8261 Fax
At Aloha Mortgage Loans, we are experienced, licensed professionals that care about your client. We will take the time to explain all their options, even provide suggestions to help improve your credit. If you want your client to ge the best loan program available and the best service on Maui, send them to Aloha Mortgage Loans.