The Sign In Front Of The House I Like Says "Fannie Mae Homepath"

When a property sale sign says "HomePath property" it means that it is a bank-owned home, owned by Fannie Mae, and the buyer of the property is eligible for the Fannie Mae HomePath mortgage program.
Fannie Mae is one of the largest lenders in the United States.  Fannie Mae owns thousands of homes due to the large number of recent foreclosures.  In an effort to help banks liquidate their Fannie Mae REO inventory, Fannie Mae came up with the HomePath program.
The HomePath program gives lenders and buyers less stringent finance requirements, which helps more buyers qualify for a loan. You can also get a HomePath mortgage for owner-occupied OR investment properties.  In addition to that, Fannie Mae also has a HomePath renovation financing program for those distressed properties that need a little help before they are ready for move-in.
Going the HomePath route can make the home buying process different for a few reasons:

1. No appraisal is required.
2. You can make a down payment of as little as 3% of the purchase price.
3. No mortgage insurance is required (therefore, less up-front cash from buyers and lower monthly payments).
4. Credit score requirements are more flexible.

So, why would a lender agree to such a loan?
Fannie Mae is offering a couple of incentives to lenders who process these loans:
1.) Loans can be sold back to Fannie Mae, so lenders aren’t holding the loans in their own portfolios. 
2.) The more loans a lender makes, the more fees it generates for originating and servicing the loans.

I've been asked, "With all the cash investors snatching up distressed properties in the area, is it even possible to get one of these properties with a HomePath loan?"
It's not the easiest thing, (a lot of the time if a bank can get cash, they’ll take it.), but it's not impossible.  Check out how many homes are currently available on my site:
www.jaredfordrealestate.com
My big advice for making an offer on a HomePath property is to fully exercise your due diligence – get that property inspected thoroughly!  These banks don’t know a lot of the details on the condition of the property, and they rarely will do repairs before the close of escrow.  So do your homework and really understand what you’re getting into.
For more information and a database of HomePath eligible homes, visit www.homepath.com.
If you have any questions about the details of a home you are interested in, please log on and send me a note. www.jaredfordrealestate.com
Thank you! And happy Thanksgiving!

Fall weather can help you make a decision on a home.

Fall is a great time to get out and see some of the features houses have. Does your new home have a water feature that wasn't in the original plans? Do the trees drop more leaves than your green bin can hold? Are the neighbors into decorating for the holidays?

Do the windows fog up from a leak? Do the gutters do what they were made to do?

I don’t mean to be negative. Truth is: most listing agents take pictures of the summertime houses without any issues, but when it comes time for listing a home in Fall – they have to do some major clean up.

Don’t get into a home without knowing all you can about it. Check us out at
www.jaredfordrealestate.com