HomePath Financing for Fannie Mae REO's

By
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #151088

Introducing Prospect Mortgage's newest REO program, HomePath® Mortgage.

Fannie Mae is now rolling out their new HomePath® program specifically for Fannie Mae REO properties.  Prospect Mortgage is pleased to be one of only a handful of lenders nationwide selected to participate in this special financing program. 

HomePath® Financing Highlights

  • Low down payment and flexible mortgage terms (30 & 15 Yr fixed-rate with available interest-only option)
  • Up to 97% financing for Owner Occupied homes
  • Up to 90% financing for 2nd homes
  • Up to 90% financing for Investment Properties
  • Borrowers purchasing a 2nd home or investment property with maximum 75% LTV/CLTV can own up to 10 financed properties
  • No mortgage insurance option (over 80% LTV requires a 660 credit score and additional fee)
  • No appraisal fees (Sales price is used to determine value)  
  • 1 to 4, condos, and PUD's are eligible

This special financing is available exclusively on Fannie Mae homes with the HomePath logo

Search for Fannie Mae REO's at http://reosearch.fanniemae.com/reosearch/.

Call or e-mail for complete details.

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Georgia Power Leaseholds for Lake Burton, Rabun, & Seed

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

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Show All Comments
Rainmaker
83,102
Kim Knox
Landline Real Estate, LLC of Southern Oregon - Medford, OR
Principal Broker

Hey Rodney,

How does Fannie Mae make the determination as to whether a property qualifies for HomePath Financing and Renovation Financing, or only HomePath Renovation? I have a listing that is in average condition, very habitable, but it is only approved for Renovation financing. Why would that be? Is there a way for me to have that determination re-evaluated by Fannie Mae? I am working with an asset management company so do not have a direct contact at FNMA. Any ideas?

Jun 04, 2009 03:37 AM #11
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

FNMA is the one who determines which of their REO's meet which guidelines.   The condition of the property is the determining factor for this.  There is evidently something about the property that needs repaired.  HomePath financing bascially releases the lender from the reps and warrants that come with underwriting an appraisal for a mortgage.

Jun 04, 2009 03:57 AM #12
Anonymous
Stephanie

Hey Rodney,

What's the fee for the no mortgage insurance option?  And how much of a saving is this vs. paying mortgage insurance on an FHA loan?

Thanks

Jun 29, 2009 01:33 PM #13
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

The no MI option fee varies by loan to value.  The savings difference varies with the loan amount, loan to value, credit score, and the property type.

Jun 29, 2009 01:54 PM #14
Anonymous
Stephanie

Prospect Mortgage is one of the Homepath approved lenders, correct?  My fiance and I are buying a Homepath approved property, but I'm not sure if the mortgage broker we had decided to use has access to a Homepath approved lender.  Don't suppose you could quote my situation if I gave you my specifics?

Jun 29, 2009 01:58 PM #15
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

To the best of my knowledge, HomePath is only availble through a direct lender like Prospect Mortgage, not a mortgage broker.  If you would like to submit an applicaiton, please visit www.rodneymason.com.

Jun 30, 2009 03:31 AM #16
Anonymous
Susie Manandhar

Do people that sold a house as a short sale qualify for this program?

Jan 05, 2010 01:35 PM #18
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

No, only foreclosed properties only currently owned by Fannie Mae are eligible for HomePath financing.  The properties must be listed as eligible on www.homepath.com

Jan 05, 2010 01:52 PM #19
Rainer
8,023
Jeremy Boos
Austin Evolution Residential - Austin, TX
Broker/Owner

Great info Rodney, I'm new to Active Rain, so all of these Q and A's really help out.  I haven't done too many foreclosures, but I had one question: 

Why would a REO listing agent change in her remarks section in MLS from a property that is eligible for Homepath Renovation Financing to just Homepath Financing.  Is it possible that Fannie Mae changed it, or is she trying to stay away from the Renovation loans.  The property needs more than 30K in work in my opinion ( cracked slab is the main issue).  She also dropped the price 20K, right after I showed it the first time.  Does Fannie Mae make the price drop calls or does she have any authority to do so?  Sorry 2 questions.  Any insight would be helpful.  Thank you.

 

Feb 26, 2010 11:19 PM #21
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Jeremy...glad you are finding the Q&A useful.  Fannie Mae is the one who determines whether the property requires a HomePath Renovation loan or if will qualify for a regular HomePath.  The Renovation loan was designed for properties that are in need of repairs to bring them up to standards.  Most HomePathlenders opted out of the Renovation option and only offer the regular HomePath loan.  REO pricing is handled just like any other property.  While the agent may offer their input/opinion on pricing, the asset manager is the one who make the determination on the price and any subsequent reductions.  Most REO properties are on a schedule and reductions are made at preset intervals.   

Feb 27, 2010 09:24 AM #22
Anonymous
Brian Mcleod

Rodney, what is the debt to income ratio for the homepath loans. Thanks

Mar 12, 2010 08:19 AM #24
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Fannie Mae went to a maximum 45% DTI last December for all conventional loans.  A DTI of 45-50% is available only with exception approval and a pricing adjustment. DTI's above 50% are now ineligible.

Mar 13, 2010 12:31 AM #25
Anonymous
Lisa

Thanks for compiling this info, Rodney.  I have a new question.  Do HomePath investor loans have to be in an individual's name, or will they lend to a business?  (Can it be a new business?)

May 09, 2010 05:34 PM #26
Anonymous
Lisa

Incomplete post there, sorry  -- I should have said a business or other non-person, such as a self-directed IRA.

May 09, 2010 06:16 PM #27
Anonymous
jag

I have three questions:

1. Do Condos not qualify for a Homepath Renovation loan even though they are approved for a Homepath purchase financing.

2. If a Homepath listing is in error in regard to a mentioned appliance, does purchaser has a recourse after settlement. 

3. Is AS-is sale legal? Hidden defects can become a issue for a buyer.

Jul 01, 2010 12:43 PM #28
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Jag.....We, like most other HomePath lenders, do not offer the HomePath Renovation mortgage.  Questions 2 and 3 would best be directed to a Realtor in your state.

Jul 03, 2010 05:02 AM #29
Anonymous
Larry Pratt

Why would a REO listing "disappear" off Homepath?  It had a Coming Soon and then a week later was gone.  The REO number does not show up on any searches.   The agent is being vague about the reason and will not communicate with my realtor.

Jul 20, 2010 12:28 PM #30
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

The seller can pull a property at any time.  Sometimes there are title or property condition issues that need to be addressed.  It could be any number of reasons.

Jul 20, 2010 02:38 PM #31
Rainmaker
300,385
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Why do lenders not like to do the HomePath Renovation portion?  I have been trying to find details but very unsuccessfully.  I plan on specializing in 203k and Renovation loans since there are so many homes that have been neglected.

Dec 28, 2010 08:28 AM #34
Rainmaker
423,301
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Jim.....The HomePath Renovation mortgage is quite complex on the lender side.  That is why you will find that no one really offers it.

Dec 28, 2010 01:29 PM #35
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Rainmaker
423,301

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN
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