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This home has a cherry kitchen with granite counter tops and SS appliances. Properties listed as First Look are available to individuals who plan to make the home their primary residence only. Other properties are available for purchase by everyone, including investors, vacation home buyers, and speculators. In its HomePath sales contract, Fannie Mae highlights the potential risks of purchasing one of its properties, including the presence of mold damage, insect infestation, lead paint, and more. Fannie Mae recommends that home buyershire an independent home inspectorand purchase a home warranty policy, where available. Except for buyers paying cash for a home, Fannie Mae does not accept offers for HomePath homes without an accompanying mortgage pre-approval letter.
Granite and stainless steel appliances in kitchen. Close to to green line and Metra, Downtown Oak Park's shops and restaurants. No, home buyers can finance their purchase of a HomePath using any available mortgage type. Conventional, FHA, VA, and USDA loans are allowed. Buyers whose mortgage lenders arrange for a Fannie Mae-backed conventional loan receive a $500 credit toward closing costs from Fannie Mae.
HomePath Short Sale Portal
In addition, to give yourself the best chance to make a purchase quickly and beat out the competition, you may also want to seek preapproval. Having a preapproval letter almost always facilitates more financing options and demonstrates to the lender financial competence, trust and seriousness of intent. The HomePath Renovation Loan is a mortgage for HomePath homes that build in up to $35,000 for home improvements and repairs. Renovation loans carry a higher interest rate than non-renovation loans and require additional approval.
2 Bedrooms, 1.5 Baths, In Unit Laundry and a charming Vintage Appeal. Perfect vintage condo in the heart of La Grange, close to shops and train. No, Fannie Mae HomePath is available to all home buyers. You do not have to be a first-time home buyer to buy a home via HomePath. HomePath homes are foreclosure properties. They are homes that the government repossessed to re-sell to the public at a discount.
Benefits Of Buying A HomePath Property
HomePath is a Fannie Mae program that can help you move into a foreclosed home with financial assistance. You may be able to buy a home with a down payment as low as 3% when you take a HomePath conventional mortgage. You may also qualify for closing cost reimbursement equal to up to 3% of what you pay for your property.
For added convenience, Fannie Mae has created the HomePath mobile app to make searching for your dream home more convenient. There are currently 4 homes for sale matching fannie mae homepath in Chicago at a median listing price of $329K. High ceilings, hardwood floors, exposed brick wall. Beautiful large windows allow plenty of sun light.
What maintenance does Fannie Mae perform on HomePath homes?
There‘s a wide range of home types available through HomePath. You may find everything from condominiums to multifamily properties, depending on when you shop. Whether you’re looking to buy a HomePath property or complete a short sale on a home you already own, visit HomePath.com to start the process. A local listing agent who has a contract with HomePath then markets the property like any other listing. But here’s where HomePath properties differ from others. However, there’s also another scenario where Fannie becomes the owner, through a process known as “deeds-in-lieu of foreclosure” or forfeiture.
Just know that this isn’t always the case. HomePath’s Ready Buyer™ program is an online course that covers some of the most common mortgage and homeownership topics. In the nine-module course, you’ll learn about things like setting a reasonable home budget and choosing a property.
When you buy a HomePath home or other foreclosure, you don’t need to worry about running into these issues because the bank or investor owns the title. For a standard-market property, choosing a HomePath home might be right for you. Lisa Kaplan Gordon is an award-winning writer who's covered real estate and home improvement for realtor.com, Yahoo, AOL, and many others.
In such circumstances, Fannie becomes the owner of the property, a designation that is referred to as Real Estate Owned, or REO. These are the homes that will become HomePath properties. If you're looking to sell your home in the Phoenix area, our listing agents can help you get the best price. Most homes for sale in Phoenix stay on the market for 67 days and receive 2 offers. If you're looking to sell your home in the Chicago area, our listing agents can help you get the best price.
Like many foreclosures, HomePath homes are more likely to be in a non-prime area. Remember this if you see a home with a price that looks too good to be true – you may not want to be in a rush to make an offer. Homeowners may give up HomePath homes through deed-in-lieu This means that HomePath homes may be in better condition when compared to other foreclosures.
Fannie Mae HomePath properties are largely intended for first-time homebuyers . Furthermore, you have to agree to move into the property within 60 days of closing and officially make it your primary residence. HomePath also requires the involvement of a Fannie Mae-approved real estate agent to present the offer. Typically, once you’ve decided you’re interested in purchasing a HomePath property, you’ll direct your real estate agent to submit the offer via the HomePath Online Offers System.
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