HomePath Renovation, HomePath Financing .. what is HomePath?

You have started to search for a condominium/townhouse, single family home, or perhaps a multi-family home and you keep coming across properties that say: Fannie Mae Owned. Purchase this property for as little as 3% down. This property is approved for HomePath & HomePath Renovation Mortgage Financing. What is HomePath and what are they talking about?

 

HomePath is Fannie Mae’s brand for its REO (real estate owned) properties that is looking to sell through real estate brokers.  REO properties are “foreclosed” properties. It’s just a different term for the same thing.

 

Fannie Mae, through its HomePath financing efforts, wants to sell their REO properties to you, and HomePath is offering financing with only 3% deposit required, and HomePath also offers “Renovation Loans” through its HomePath Renovation Mortgage program.

 

To qualify for a HomePath Mortgage, here are the stated qualifications from HomePath:

 

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

 

Benefits to You, the Borrower


• Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
• No lender-requested appraisal.
• No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
• Expanded seller contributions for closing costs allowed.
• Available for primary residences, second homes and investment properties.
• Many condo project requirements are waived; ask your lender for details.

 

To qualify for a HomePath Renovation Mortgage, here are the stated qualifications from HomePath:

 

HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the “as completed” value, no more than $35,000.

 

Benefits to You, the Borrower


• Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
• Renovation amount based on appraisal “as completed” value.
• No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
• Expanded seller contributions for closing costs allowed.
• Available for primary residences, second homes, and investment properties.
• Many condo project requirements are waived; ask your lender for details.
• For more information about the renovation process, contact a HomePath Renovation Mortgage lender.

 

HomePath gives a list of lenders that you can contact for Renovation Mortgages and below are two lenders with pretty good reputations in Massachusetts:

 

Prospect Mortgage »(866) 960-7228
Nationwide.
Open M-F, 8:30 a.m. – 5:30 p.m., PST.
fnma.prospectmortgagedirect.com/HomePathSite

 

Salem Five Mortgage Company, LLC »(800) 850-5000
MA, ME, NH, RI, CT
8:00 a.m. to 8:00 p.m. Mon – Fri
8:00 a.m. to 4:00 p.m. Sat
https://www.salemfive.com/mortgageHome.htm

 

HomePath Mortgages and HomePath Renovation Mortgages can open up many opportunities for home ownership of Fannie Mae’s REO properties that you may be interested in. It is quite helpful to have a team of real estate professionals to work with whether you are purchasing a HomePath property or another home that you really like. I am a professional buyer agent with 8 years experience and I can greatly assist with your search and purchase.

 

HomePath also has a pretty good FAQ on their site that may help out:

http://www.homepath.com/homebuyers/faq.html

 

 

 

 

Willard D. Cunningham
Willard Cunningham, Broker/Principal
(617) 921-4758
cell/direct
will@willardgrp.com
http://willardgrp.com/bio
MA License# 9077116
WILLARD REALTY GROUP, Inc.
1953 Massachusetts Ave.
Ste. 400775
Cambridge, MA 02140
http://willardgrp.com/
MA License: 9011

.“Your referrals to me will get the best of many years’ residential real estate experience

– and my heartfelt thanks.”

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