November 8th, 2009 11:57 AM by Anne James
Real Estate Agents and Friends:
Fannie Mae HomePath is available to not just home buyers, but also investors and those looking to purchase a second home. Again, good for FNMA. They are doing what they can to stimulate the housing market by offering a program to all potential buyers with a program that requires little down, low monthly payments, and the elimination of potential deal killers (closing costs and appraisals). What FNMA is doing right is that the borrower HAS to QUALIFY!!! They are very strict on the guidelines when it comes to the individual borrower.Here's the scoop:
Homepath financing features are incredible.
Go to http://www.homepath.com/ to search current listings for our area.
Sign up for listings by emailing me at firstname.lastname@example.org and put 'email HomePath Listings' in subject line.
Purchase Agreement must include a purchase addendum with page 1, paragraph 3 indicating that the agreement is contingent on Fannie Mae Special REO Financing from a participating lender. If this is not indicated and the borrower wants to use HomePath financing, the borrower must work with their real estate agent to ensure the contract addendum is updated appropriately.
Homepath rates are higher than market. Comparing today's rates: