19.06.2014

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Fannie Mae’s unique HomePath foreclosure program offers extremely lenient financing terms to the purchasers of foreclosures owned by Fannie Mae. A HomePath foreclosure generally goes through a basic renovation process before being listed, to make the home more attractive to buyers. A HomePath mortgage is not available through all banks, but only through specific banks that have been selected by Fannie Mae. If a homebuyer purchases a property as a primary residence, they are required to move into the residence within the next 60 days and to maintain residence there for at least one year. Purchasing a HomePath foreclosure can be extremely beneficial to homebuyers and investors alike, but requires research, knowledge and determination. Pacific Northwest Realty Group has experienced Real Estate Brokers that know and understand the process. Pacific Northwest Realty Group is a full service Real Estate brokerage serving all of Southwest Washington including the counties of Cowlitz, Clark, Lewis & Wahkiakum and the communities of Longview, Kelso, Kalama, Woodland, Silver Lake, Toutle, Castle Rock, Cougar, Amboy, Ryderwood, Chehalis, Centralia, Winlock, Toledo, Morton, Vader, Napavine, Onalaska, Mossyrock, Cathlamet, Ridgefield, La Center, Battle Ground, Orchards, Vancouver, Camas, Washougal and Yacolt. This sounds like a decent plan altho I am aware of some companys having small print details that come out in the near future that can be devistating to the home buyers.
I have a realtor currently working with me, will I need to dismiss this agent and work with one of your agents?Posted on Tuesday, June 9th, 2015 at 7:37am. If you fit the profile, typically buyers that either don’t want (or don’t have) a lot of cash to put down or small-scale investors looking for a deal on a foreclosed home, HomePath could be just right for you.
There are many features that the HomePath loan has to offer, but there’s really just eight key points you need to know. Minimal credit score requirements – 660 (lower score requirements with larger down payments).
The HomePath Renovation Mortgage allows renovation costs to be financed into the loan for up to $35k or 35% of purchase price.
Although there’s no mortgage insurance, the HomePath loan comes with higher interest rates. Unless you’re putting 5% down, you’re going to pay additional points and possibly an even higher interest rate. When it comes to the renovation loan, FHA’s 203K loan may be a better option than the HomePath Renovation loan. Fannie Mae provides a great search site full of information, including HomePath approved homes. Have questions about Fannie Mae’s HomePath Program?  Want information about the home buying process?  Call, text or email me today – I have answers to your questions! You actually make it seem so easy along with your presentation but I to find this matter to be actually something which I think I might never understand. About CraigWith over 16 years in mortgage banking, Craig Berry has helped thousands achieve their home ownership goals. In 1978, the Federal Housing Administration (FHA) introduced the FHA 203k mortgage insurance program which enables borrowers to purchase or refinance their home and include the cost to renovate it within the same loan. Opportunity to borrow against the value of the home after improvements – up to 110% of future value!! Home buyers can make renovations, repairs, or improvements, adding up to 50% of the "as-completed" value of the property with this single loan.
We specialize in prequalification's for HomePath purchases and completing the loan process after acceptance of the offer. We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. Home must be designated a Fannie Mae Homepath property (Fannie Mae Renovation Financing is not allowed). Borrower may qualify with rental income of the proposed property with a bona fide signed lease. Please click here for a mortgage rate quote based on current pricing and your personal scenario.
At 20% down payment, if you are purchasing a qualified Homepath property, the pricing is currently better than what you would have available using a standard conforming mortgage.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda has been helping people with their mortgage needs at Mortgage Master since April 2000. Who can buy one of these properties and how?You…if you plan to owner occupy the property.  Just get in contact with a Lender first to find out how much you qualify for upfront.
The Washington State Fannie Mae Homepath Program is available for qualified home buyers to purchase a foreclosed homes (REO’s) owned by Fannie Mae. The Fannie Mae Homepath Program has special incentives for both first time home buyers, investors, and even for consumers looking to buy a second home.
If you would like to search Washington State Fannie Mae Homepath eligible homes, you can CLICK HERE for a direct link.  Also, please let me know if you would like me to refer a qualified Fannie Mae Homepath real estate agent that can help navigate you through the search process. Purchasing a foreclosed or distressed property is a popular way for future homeowners or investors to renovate a property and possibly gain quite a bit of equity in the process — but buying one of these homes in a conventional manner can quickly become a long process full of red tape and complex inspections for renovations.


There are a few renovation procedures to be aware of with the Fannie Mae HomePath property. The Fannie Mae HomePath program offers a variety of resources to potential homeowners and investors. For over a decade, Natalie Cooper has been writing informative content on a variety of topics. There are other loan programs available with lenders that could help save a majority of the transactions that fall under these news guidelines.
These properties are advantageous for many reasons, including special financing, a streamlined loan process, and properties that are in far better condition than standard foreclosures.
With a HomePath mortgage, the buyer’s down payment can be as low as 3% down, and unlike other low down payment loans no mortgage insurance is required.
This leaves a HomePath foreclosure in better conditions than many other foreclosures, which can be left in an extremely poor state by evicted tenants or foreclosed upon owners. Not all agents may be aware of the sizable concessions that may be available on a HomePath property.
Even so, loan officers are not always familiar with HomePath Mortgage loans, as in some areas they can be quite rare. The flip side to this requirement is that offers from owner occupants take priority over offers from investors.
Due to its lack of mortgage insurance, a HomePath foreclosure may be the best possible option for a homebuyer with limited funds for a down payment. Search for your next home online including residential, commercial, vacant land, multi-family or bank owned foreclosures (REO). Providing the highest level of professionalism, Craig delivers a fast, hassle-free home loan experience while maximizing his client’s financial resources. The FHA 203k Standard allows borrowers to make a wide range of improvements, including structural changes and additions to the building footprint.
It permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in or as part of a refinance. The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. The corporation's purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers. There are many benefits when purchasing a Fannie Mae foreclosed property:HomePath Features: You can buy your home with as little as 3% down! We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you.
If you are considering buying a Fannie Mae HomePath property (foreclosure that is owned by Fannie Mae) in Washington state, I’m happy to help you. Loan amount based on the above scenario is $270,000 with 360 mortgage payments (30 year fixed).
Rhonda began her career in 1986 in the title and escrow industry and joined Mortgage Master Service Corporation as a Loan Officer in 2000 and began blogging in 2006. Combined with the growing number of Fannie Mae Foreclosures hitting the market and the fact that most are listed well below market value, I believe it is worth your time to look into this program with a Washington State Mortgage Professional. If you are gathering information to purchase a home in Washington State, my Team and I would value the opportunity to assist you along the way!  If you found this link valuable, please feel free to share! The Fannie Mae HomePath Program works with mortgage services and agencies to sell distressed properties in a streamlined manner. Fannie Mae obtains the deed-in-lieu early in the foreclosure process from the homeowner in exchange for taking over mortgage payments. Mortgage insurance is typically not required and the debt-to-income ratio on the loan can go up to as much as 50% in some cases. An appraisal is required to determine the value of the property for the purpose of home improvement cost potential. This will allow you to decide if it’s worth taking advantage of the First Look and consider buying a foreclosure. She is a contributing writer to this and other blogs and also writes email newsletter articles, press releases and web content. The HomePath mortgage is available for homebuyers and investors alike, though an investor will require a higher down payment. Since these concessions need to be requested, this oversight can cost a buyer a not insignificant amount of money. This again can complicate the process, as your loan officer might not be aware of specific requirements of the HomePath loans.
If at all possible, it is extremely valuable to work with both a real estate agent and a loan officer that has prior experience with the Fannie Mae HomePath process. We show you all homes & properties for sale listed in the MLS including listings from the Northwest MLS (NWMLS) and Regional MLS (RMLS).
I am looking at a spacific home for sale and have been disabled for one year this month, see how fragile the situation can be?


Home buyers can quickly and easily tap into cash to pay for property repairs or improvements. Fannie Mae will pay up to 6% of your closing cost for primary residences and 2% for investment properties. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information. You must make an initial offer on one of their properties February 14th through March 31st  2014 and the transaction must close before May 31, 2014. This gives homebuyers early time to look at the property on the first 20 days before it’s available to investors. Many homebuyers seek to save on foreclosure costs by using the flexible 5% down payment requirement and less stringent credit requirements. This insurance is tacked on traditional mortgages during the life of the loan as a result of a low down payment. Prior to her writing career, Natalie worked in various fields including real estate, equipment leasing and banking. Obtaining a HomePath mortgage can also be a faster process than a traditional loan because it does not require a property appraisal. Whether buying or selling Pacific Northwest Realty Group stands ready, willing & able to assist with your goal. Fast Closings - Our superior service and attention to detail typically allows our loans to fund faster than other lending institutions. A FICO score of at least 660 is preferred if the home will be undergoing rehabilitation funding.
Renovation mortgage financing allows for renovation costs to be included in the mortgage loan. The low down payment allows thrifty homebuyers to save even more money in the initial phase of purchasing a foreclosed property. Buying a foreclosed property also has some risk with the lack of the previous homeowner in the closing process. A HomePath renovation mortgage is similar to a standard HomePath mortgage, but can also include an amount set aside for renovations. A unique factor of these types of loans is the lack of mortgage insurance or appraisal requirement. This differs from construction loans by allowing for the whole draw of construction costs to be given at once in the entire mortgage. Potential homeowners who take advantage of the renovation loan may be able to keep costs considerably lower than a traditional construction loan associated with building a new home. The FHA 203K loan can sometimes be more flexible with a lower 3.5% down payment for renovation. If you are qualified, but your financing fell through with another lender and you need to close fast, we can help. Our expanded FHA approval program allows credit score-challenged buyers to purchase if they have had no derogatory credit in the last 12 months. Berkowitz said he continues to believe Fannie and Freddie are a "very important element of the U.S. Berkowitz, founder and chief investment officer of Miami-based Fairholme Capital Management, disclosed in June that he held a position in Fannie and Freddie. Without a successful legal challenge or "an entirely different set of decision makers," he said, "your bet faces mighty long odds." Mr.
We've really been very focused on building a new book of business that will be profitable.
I do think there is a risk that I think people should not accept, but there is a risk that policymakers will look at our profitability and say we don't need to act on this soon. There needs to be clarity about what the future of the housing finance system is going to be. I think what our return to profitability does is allow policymakers to think about a full range of potential outcomes.
They don't have to start with the assumption that creating some successors to Fannie and Freddie necessarily means that we have to accept hundreds of billions of dollars of losses for taxpayers.
I think what this has done is freed policymakers to think about what the full range of possibilities should be. There is a lot of debate about that, but I think the key is getting to an answer in the foreseeable future because no matter what you think the future housing finance system should look like, everybody agrees that at the moment the taxpayer shouldn't be on the hook for 90% of the market. Between Fannie, Freddie and FHA, the taxpayers are guaranteeing 90% of all the mortgages that are being written across the country.
As part of the agreement, Bank of America will make a cash payment to Fannie Mae of $3.55 billion.



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