Is the Fannie Mae Home Path Program Good For Buyers?

By
Real Estate Agent with Brown Realty, 210-789-4216,www.JeremiahNewman.com TREC #0492321
https://activerain.com/droplet/Bq6

Is the Fannie Mae Home Path Program Good for Buyers?
Yes, when you consider that the Home Path Mortgage allows a borrower to purchase a Fannie Mae owned property with a low down payment, flexible mortgage terms, No lender-required appraisal, and No Mortgage Insurance, and even some expanded seller contributions to assist with closing costs are allowed too.

Fannie Mae REOs and Foreclosed HomesBuyers may even want to take advantage of Fannie Mae’s New Innovative, “First Look” Program. The “First Look” marketing period was created to promote home ownership and to contribute to neighborhood stabilization, which allows home buyers to bid and to purchase foreclosed properties before investors. In most states the “First Look” period is the first 15 days on the market.  Look for this First Look sign on the Fannie Mae Home Path website.

Buyers may choose 97% conventional financing, and the 3% down payment can be gifted or grant funds. Keep in mind there is No PMI, and No Appraisal, since the Sales price equals the value. Fannie Mae’s foreclosed properties are available as primary residences, second homes, and investment properties. Many condo project requirements are waived. These Home Path properties offer flexibility and opportunities to save some money. So why not take a look at some of them today?

For More Information on the Fannie Mae Home Path Program, contact Jerry Today, who will connect you with some Preferred Fannie Mae Home Path Lenders. For a list of available foreclosed properties in the San Antonio, TX area, see Bexar County Fannie Mae REO Homes For Sale. Your Local San Antonio Agent will be glad to assist you in placing your online Bid for any of these Fannie Mae Foreclosed Homes.

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Bob Miller 05/20/2012 08:19 PM
  2. Florida Tolbert Team Keller Williams Advantage 05/21/2012 05:57 AM
  3. Gene Riemenschneider 05/22/2012 06:37 AM
  4. Winston Heverly 10/28/2012 11:57 AM
Topic:
Home Buying
Location:
Texas Bexar County San Antonio
Groups:
Posts to Localism
All Thing's Texas
HyperLocal Neighborhood and Community Posts
Real Estate Questions & Answers
Never Answer The Same Question Twice
Tags:
fannie mae reos
fannie mae foreclosed properties
fannie mae home path program

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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Tammy. You and Mike do have a good point, but like you said, it all comes down to each individual situation, and the needs of the buyers. I think it's great to have more options available for our clients. I have heard some good things about that Home Path Renovation Loan too.

May 21, 2012 02:07 PM #59
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Kate, I have noticed in our MLS that those Home Path Listing agents do offer a co-broker commission, so I would image that our commission is coming from the co-brokers. Yes, I have seen incentives for teachers, policemen, and firefighters. It's similar to HUD's Good Neighbor Program.

May 21, 2012 02:12 PM #60
Rainmaker
1,431,397
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

In this market the first look program is the only option some people have to beat the investor  to the deal.

May 21, 2012 02:12 PM #61
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Evelyn, We have many foreclosures, and I have sold many, so I try to get all the information that I can for my clients.

May 21, 2012 02:13 PM #62
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Tammie, We have to get our buyers with those knowledgeable lenders who can give them all the details to help them make the best decision for their particular situation.

May 21, 2012 02:16 PM #63
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Tom. Have a Great Week!

May 21, 2012 02:39 PM #64
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Debora, How did you get that nick name, "Doubting Debbie"? But, I understand your position since you are a Fannie Mae Listing agent. I will normally do my usual comps of the area, and help by clients make the Best decision to suit their situation. I haven't really noticed that our Fannie Mae foreclosures are overprice in my market area.

 

May 22, 2012 11:59 AM #65
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Doug, Thanks for the suggestion. That extra 2% may be something that my buyer doesn't have, but I will let them make their final decisions after hearing all the pros and cons.

May 22, 2012 12:01 PM #66
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

HI Kevin. I would certainly want to avoid any those "bidding wars". The sellers always have an advantage whenever that occurs. I want my buyers to have a Huge Advantage.

May 22, 2012 12:03 PM #67
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Lisa, One size fits All is not always the Best Choice. Agents and Mortgage Professionals need to give consumers all the facts.

May 22, 2012 12:06 PM #68
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi David, These Home Path and Home Steps Programs have been out there for awhile now. Especially with the increase in foreclosures from Fannie Mae and Freddie Mac.

May 22, 2012 12:09 PM #69
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Roy, Thanks for the lovely Flower. I will certainly keep my camera ready.  Have a Great Week!

May 22, 2012 12:10 PM #70
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Dan and Amy. Glad you learned about the Home Path Programs from this post. There was quite a lot of good educational discussions through out this post. I know you came away with a better understanding of all the pros and cons.

May 22, 2012 12:13 PM #71
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Gene. I think very Highly of their "First Look" option for buyers, who plan to be owner occupants. If these homes are all overpriced, I wondered why investors would be after them?

May 22, 2012 12:15 PM #72
Rainer
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Irene Durocher
Coldwell Banker BUYERS AGENT - Boca Raton, FL
homesweethome4u@att.net

Great post Jerry, I believe some people are a little more knowledgable about these homes

now. Have a great Memorial Day weekend.

May 24, 2012 05:52 AM #73
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Irene. I am sure from just reading all these comments is was quite an education for many of us. Have a Great Weekend too!

May 24, 2012 06:48 AM #74
Rainmaker
171,030
Rachell Lara & A List Properties
eXp Realty / 619.316.7445 - San Diego, CA
A List Properties - San Diego Neighborhood Experts

Great post Jerry, Homepath is a great alternative, especially when you can put 5% down, which makes the interest rate go down substantially.

Nov 27, 2012 09:57 AM #75
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Yes, Rachell. Homepath does offer buyers another choice for financing. They need to see how it may help them buy a new home.

Nov 28, 2012 12:11 AM #76
Rainer
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Matt Robinson
Professional Investors Guild - Pensacola, FL
www.professionalinvestorsguild.com

Great post Jerry.  I just had a client ask me about HomePath mortgage the other day, and I'm going to send him this link.  Terrific information.

Apr 23, 2013 01:49 AM #77
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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Thanks, Matt. The Home Path Mortgage can be a good choice for some home buyers. They need to checkout all their options. Have a Great Day!

Apr 25, 2013 04:49 AM #78
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