- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (7)
- Carl Ashton, "Carl Ashton"
- Contributions:86
Their is a Homesteps program for Freddie Mac Foreclosures
- Loans are made through Freddie Mac's lender partners as Freddie Mac does not make direct loans.(Emm is a partner)
- Special Financing is not offered on all properties.
- Special Financing is only offered on properties in habitable condition.
- Special Financing is available to owner-occupant and investor purchasers, though on different terms.
- Minimum down payments are 5% for owner-occupants and 2% may be from gift funds.
What are the advantages to Homesteps Special Financing?
- Lower closing costs
- No junk fees
- No processing fee
- No PMI (lower monthly payment).
- No appraisal (quicker closing and lower cost)
- 30 day closing
- Higher allowable debt ratios (You can afford more house)
- Competitive interest rate (approximately 1/4 percent below the average retail rate)
Sample savings compared to FHA and Conventional financing at the same interest rate show annual savings on monthly payments with HomeSteps of $661.08 versus FHA and $741.00 versus conventional on a $100,000 mortgage. Sample closing cost savings were $2,390.00 versus FHA and $1,187.00 versus conventional mortgage.
Just a comparison as every loan is different based on area, choosing an attorney or closing agent, insurance, taxes ect.
- Dana Kolodney, "Dana Kolodney"
- Contributions:191
HomePath financing is available on Homepath eligible FannieMae REO properties. To see the list of available Homepath properties vist www.homepath.com. The website also has a list of approved lenders. If you are set on purchasing a condo, Homepath is definitely the way to go. Make sure that the Homepath lender does not have any credit overlays to FannieMae Homepath national mortgage guidelines. Many lenders have placed "credit overlays " to the condominium approval process in Florida. If they do it will defeat the purpose of going with a Homepath mortgage. This is critical or you will find yourself with no closing at the last minute!!!
- EDinNC
- Contributions:4
New Buyer and Selling Agent Incentive on HomePath® Homes
Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus for selling agents on HomePath properties through December 31, 2010.
Buyers and selling agents must meet the following qualifications to be eligible for the incentive:
- HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
- Only owner occupants purchasing a HomePath property as their primary residence will receive up to 3.5% in closing cost assistance
- Only selling agents representing owner occupants purchasing a HomePath property as their primary residence will receive a $1,500 bonus. To be eligible for the agent's bonus, the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
- Buyers and selling agents must request incentive upon submission of initial offer in order to be eligible.
Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.
Terms & Conditions:
- The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
- Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
- Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
- Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Actually Ed...Homepath financing allows for as little as 3% down with No MI. The program is only offered on Fannie Mae owned property. Not sure what you are talking about with the 3.5% buyer incentive. Fannie mae will negotiate seller concessions as part of the P&S but I believe they will go as high as 6% (I think that has changed or will be changing to 3%)
- EDinNC
- Contributions:4
HomePaths is a Fannie program (with the 3.5% buyer incentive) and HomeSteps is a Freddie program (giving a 2-yr warranty).
- George Foster, "George Foster"
- Contributions:11
What I understand is, when you look at a Fannie Mae owned property that is approved for a Homesteps loan, Fannie Mae will provide you with a list of approved lenders, I'm not sure if you need to make an offer first or you need to be prequalified before you make an offer. The guidelines have changed several times.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Homesteps is not a loan program, it is just a name used for Freddie Mac to sell the properties it owns. You will need to apply for traditional financing, Fannie Mae/Freddie Mac or FHA programs are the most common, and most lendes will have access to all of those products.
You can look in the Directory above for someone in your area.
You can look in the Directory above for someone in your area.
Approved lenders for Homesteps?
Thank you!
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.