Subject properties must also be marked as Fannie Mae HomePath- eligible. 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. How do you qualify for a Fannie Mae HomePath mortgage?įor example, in order to qualify for the HomePath Mortgage, your lender will verify your income via W-2s and tax returns your assets via bank statements and, your credit scores via an official credit report.
You must have a real estate agent or realtor to buy a HomePath home. HomePath homes are usually more affordable than standard-market homes, but they're also sold in as-is condition. Fannie Mae's Ready Buyer program can help you buy a home with as little as 3% down. HomePath homes are foreclosures owned by Fannie Mae. One may also ask, can anyone buy a Fannie Mae HomePath property?
Fannie Mae will acquire these properties by a deed-in-lieu- meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company. Buying Fannie Mae foreclosures entail a good amount of preparation that could assist you in choosing and purchasing a home. Secondly, what does it mean when a property is a Fannie Mae HomePath? HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed. Hereof, can you buy a Fannie Mae HomePath property with a FHA loan? Because PMI is not required on a HomePath loan, expect a monthly payment with a HomePath loan to be less than with an FHA loan or conventional loan with less than 80% loan-to-value. HomePath Mortgages Require No PMI With the Fannie Mae HomePath mortgage program, no PMI / mortgage insurance is required.
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