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Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011.
Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance.
Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum. Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. You will be required to document your income to prove you can afford the payments of a new home. Lastly, you will be required to document assets such as bank accounts or retirement accounts to prove that you have enough money saved up for the 5% down payment that is required for financing.  Many times you will be able to get this money gifted to you from a family member or close friend. While these are the main HomePath Mortgage qualifications and requirements, there are other factors that your loan officer will help you review to determine if you are eligible for a HomePath Mortgage.
There is no special requirement for you the buyer as HomePath properties can be purchased like any other property on the market with or without financing.  It can be purchased as an owner occupied (your primary residence), an investment property or even as a second home. For instance “HomePath Renovation Financing” allows for light to moderate renovations of a property with a limitation of 35% of the “as completed value” with a maximum renovation amount of $35,000.  Light to moderate renovations are ones that will allow the borrower to live in the property while the renovations are completed. No problem, feel free to contact the specialist for your state which you can find on the 203k lender directory to get all the additional information you need on the program beyond what you can find on the site.
That’s thanks to new terms from lending giants Fannie Mae and Freddie Mac — which announced plans on Monday to back mortgages with as little as a 3 percent down payment.
According to officials with the companies, the move is designed to help those with lower income but good credit to afford homes.
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The Electronic Urban Report not only has the hottest trending headlines, but rich original content with a unique perspective. Make sure to browse the Electronic Urban Report daily to get your fill of the urban news you need to know. The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are both Government Sponsored Enterprises (GSEs), which means they are backed by the government but they are not part of the government.
Fannie and Freddie purchase bundles of these conforming mortgage loans from banks, which means the loans must “conform” to the rules set by the GSEs. Lenders want these mortgages to be eligible for purchase, so their loan guidelines are often very similar, if not identical, to guidelines set by Fannie and Freddie.
The current minimum down payment for a Fannie Mae or Freddie Mac Loan, which are commonly referred to as conventional loans, is 5% of the purchase price.
These rules also include a limit on the amount of loan money the GSEs will guarantee, known as the “conforming loan limit.” Loans that are larger than these loan limits are known as non-conforming or “jumbo” loans. Have you spotted a Fannie Mae foreclosure in the MLS that looks like it could be “the one”? First, making an offer and negotiating on a Fannie Mae foreclosure is not going to feel like any other real estate transaction you’ve ever experienced. Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is subject to all the terms and conditions set forth in the Real Estate Purchase Addendum. While that sounds like an innocuous clause, their addendum restates all the important terms in the agreement. Second, you think you are going to be able to have the standard home inspection when you buy a foreclosure through Homepath, and even though you included a home inspection addendum with your offer and they tell you your offer has been accepted, they take out the home inspection addendum and throw it away without telling you. You would never get away with this in the private sector, but Fannie Mae can sell you a foreclosure that is garbage and then tell you have no remedy.
I could go on and on about a dozen other major issues (and ridiculous clauses) in this process, but I think I’ve said enough. Posted on September 17, 2013 1 Comment The Fannie Mae HomeStyle Loan offers more choices about what and how much can be rehabbed in your Columbus Home. You know how much work you want to do in the Columbus area home you’ll be purchasing and each loan has good points that benefit different circumstances.
Filed Under: Buyers, mortgageAbout Joe PefferJoe Peffer is the Broker of Record, Owner of Delicious. Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so it’s a good time to do a refresher on who they are and what role they play in the Thomasville real estate market.

In 2008, due to mismanagement resulting in billions of dollars of losses, Fannie and Freddie were taken over by the government.
Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. HomePath home loans are only available on foreclosed homes owed by Fannie Mae whom hires local real estate agents to prepare, maintain and market their HomePath homes for sale. When you speak with a loan officer for a mortgage preapproval, they will help to review things such as income, credit and assets. Loan officers will determine your debt-to-income ratio (DTI) and make sure it is in an acceptable range for loan approval. Your loan officer will help you to review your credit report and look for things such as on time payments to your current creditors, proof established credit (typically 3 credit accounts with a 12 month history is required), judgments, previous foreclosures,  previous bankruptcies and collection accounts.
To get started we recommend getting a home loan preapproval from a reputable mortgage company. While you can search the internet on your own, a real estate professional has tools such as the Multiple Listing Service (MLS) which provides up to the minute updates of new real estate listings including HomePath eligible homes. Those repairs will be identified in the appraisal, including any cosmetic repairs identified by you, the buyer.  Both owner occupied buyers and investors can apply for the “HomePath Renovation Mortgage”.
FHA loans also have a bit more flexibility in qualifying plus on average a lower interest rate.  As a reminder, FHA loans do require mortgage insurance. That seems really incredible given how high lending standards have been since the housing bubble.
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Fannie Mae and Freddie Mac don’t directly offer mortgage loans but instead buy the mortgages from banks, credit unions, and other financial institutions so that they, in turn, can lend to more homeowners.
So when you apply for a mortgage loan at a bank, it’s a good idea to know what these guidelines are.
To calculate your debt to income ratio take your total debt payment and divide it by your total monthly income. Fannie Mae does offer a low down payment option available for properties owned by Fannie Mae called the HomePath loan. But there are programs available on a much more limited basis that allow for 3% down, such as Fannie Mae’s Homepath and My Community mortgage products.
Jumbo loans are not guaranteed by the GSEs, so they have higher interest rates than conforming loans. Buying a foreclosure from Fannie Mae through their Homepath website is a Buyer Beware nightmare.
When you submit an offer with the standard paperwork as required by their Homepath site, you eventually find out that they throw out almost all the important language in your offer.
In other words, they tell you they accept your offer (once you’ve reached an agreement on price), but they really have not, because they shove an addendum down your throat that changes the terms of the transaction. You will have to pour through almost three dozen pages of tiny print to figure out that your home inspection addendum is missing. It is a good way to close once on a property and receive funds to fix that property up and make it your own.
That means you’ll need a higher FICO score and you will be putting more money down -at least 5% for sure-but you will not be handicapped by loan limits. Joe is a long time resident of Columbus and his interests include investigating Columbus’ historic homes, the inner ring suburbs, and helping families sell and buy their next home. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.
Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level. The House Republicans and the Obama administration agree that the pair should be done away with. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. It is important to note that not all banks and mortgage companies are approved for HomePath Financing.

Prior to November of 2013, Fannie Mae allowed for a 3% down HomePath Loan however this option is no longer available. Once you are preapproved you will be able to seek the services from a real estate agent in your area that can help you locate Fannie Mae foreclosures for sale. A real estate agent can also help you determine if a house already has offers pending or is already sold. The foreclosure must be owned by Fannie Mae and have the HomePath Mortgage logo displayed to apply for this type of financing. Even after the mortgage is sold, the original lender can often still be the servicer for the loan.
For example, if you have a total monthly debt of $2,000 and a monthly income of $6,000, your debt to income ratio is 33%. Many potential home owners think that 20% down is the only option when buying a home, unfortunately that is just a common misconception, there are many options out there. In October 2011, the Senate voted to restore the higher loan limits for conforming loans  , which was an important step here in Massachusetts where average home prices tend to be higher than in the rest of the country.
We don’t have time to go through their 23 page addendum, but believe me, it looks nothing like the offer you wanted to make, and the terms are nothing less than dictatorial. When you contact them or your Realtor asks what happened to it, they tell you that they don’t allow you to have a home inspection.
FHA means lower down payments, 3.5%, the option to have a lower FICO score and still qualify for a loan, and a loan that is for an owner occupant.
They were originally created to raise homeownership levels and increase the availability of affordable housing. Ask your loan officer if they can recommend a good real estate agent to help with your home search.
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Fannie Mae also offers a program for borrowers who purchase a property in need of moderate renovation called the HomeStyle Renovation loan. In most cases with a Fannie Mae or Freddie Mac loan you can even avoid paying expensive monthly PMI (Private Mortgage Insurance) if you’re working with the right Mortgage Lender .
But the higher loan limits were only approved for FHA loans; Fannie and Freddie loans were not included. If you can sidestep a nightmare, then I’ve done my job, and your life will be better for it. Also, the loan is not limited to owner occupants, investors or those buying a vacation home (though your credit scores will need to be stellar) can use this loan on those properties.
It allows you to purchase a house and renovate it up, without having to pay cash or have multiple lines of credit to pay for the repairs. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced. Getting a gift for the down payment requires special paperwork and documentation so be sure to review your situation with a loan officer to make sure you meet the down payment requirements for a HomePath Mortgage.
The loan is for the purchase and the cost of renovations and also offers a down payment as low as 3% (no mortgage insurance with 20% down). Generally this consists of a slight increase in your interest rate, but results in a significantly lower monthly payment. So what do you need to know in 500 words or less about a Fannie Mae Foreclosure and their Homepath system?
Additionally, the Homestyle loan has no upfront fee an no mortgage insurance requirement while FHA loans always have MI. It is available for the purchase of a primary residence, a second home, or investment property.
Additionally, with this option you can roll the closing costs into your offer and have the seller contribute towards them or ask the Lender to offer you an option in which they pick up the tab on the closing costs.
This will reduce the money needed by the borrower to just the 5% down payment contribution. The 5% down options are restricted to buying a primary residence and single family home with a conventional mortgage.

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