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Does anyone have info on the HomePath Financing offered on Fannie Mae properties?

We want to purchase a foreclosed property that is owned by Fannie Mae.  I saw on their website that they offer financing through HomePath and there is a HomePath lender in my state.  Does anyone have any experience with purchasing a Fannie Mae foreclosure and/or using HomePath for their financing?  Thanks!
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January 28 2009 - Greeley
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Answers (26)

I just in process with them, representing buyer, having possitive experience. Offer and all documentation supose to be done online.
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February 08 2013
it is all on their website.  GOOD LUCK!
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February 08 2013
Check the Homepath website at www.Homepath.com. There is information about Homepath financing as well as properties in your area that qualify for Homepath financing.
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February 08 2013
mrshi-  How long ago was your short sale? Did you miss any payments prior to the short sale?  How much down do you have available?
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February 08 2013
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Does anyone know if you can have a short sale on your record for a home path loan?
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February 08 2013
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People can find out more about HomePath here and use the button to find an approved HomePath lender in their area.
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September 24 2011
great for the buyer and no appraisal, lender must be homepath approved...
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September 24 2011
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They are shady---do NOT do business with...you will regret it when they sell the house you want to someone else!
Be sure to sign this [hotlink removed by Zillow moderator]
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September 23 2011
Answering a question that is 2 1/2 years old is kind of like returning someones phone call 2 1/2 years later.
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July 03 2011
Profile picture for Dunes....

Spam is so Bush League

Rachel Rosen Zillow Community Relations Specialist
Simply responding to a question in the Zillow Advice forum is not advertising nor is it self-promotion. In fact, using the Zillow Advice forum to advertise is strictly prohibited in the Zillow Good Neighbor Policy, located at http://www.zillow.com/how ... olicy.htm: "Please don't post inappropriate stuff: Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs." As part of this policy, Zillow prohibits those posting in Zillow Advice from including any contact information in their posts.

 If you feel that something you posted in Zillow Advice could be considered advertising, self promotional, or holding yourself out as being able to provide real estate services, it shouldn't be there. Agents should not be holding themselves out as being able to provide services on Zillow Advice. If a consumer wishes to contact you based on a comment you leave in Zillow Advice, they will click the link to your profile where all of the required information is provided. Until then, you are simply providing your two cents to Zillow's community."

 
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July 03 2011
Most frequently asked questions regarding HomePath:
HomePath Mortgages:
• Minimum Down Payment is 3% but 5% is best.
• Investor's minimum down payment is 10% down.
• 2 Unit properties require 20% down regardless of occupancy.
• 3-4 units require 25% down regardless of occupancy.
• An appraisal is not required.
• Regardless of down payment mortgage insurance is not required.
• Most closings can occur within 30 days.
• The interest rate is usually .375% higher than market.
• The payment on a HomePath Mortgage will always be lower than an FHA payment.
• Condos do not require HOA certificates. Verification of owner occupancy ratios or percentage of delinquent HOA dues is not required.
• Condotels are not allowed.
• Condos in Arizona, California, Florida, Michigan and Nevada are not eligible. (Colonial Rule)
• Manufactured homes are not eligible.
• Minimum credit score is 660 unless the down payment is 20% then the minimum score is 620. No exceptions.
• The minimum loan amount is $50,000. The maximum loan amount is $417,000.
• The seller can pay up to 6% of the sales price towards the borrowers closing costs. Regardless of loan to value.
• HomePath is a conventional loan product.
[deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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July 03 2011
this is a GREAT program.   I use Guild Mortgage in Denver to do all of my Hompath Financing.
1. You are not required to give up your first child as a down payment for this program. (3% down)
2.  You are not required to have an appraisal. (great for condos)
3.  NO mortgage insurance= lower monthly payment
4.  Your credit can be Below Average =  THIS LOAN IS EASY TO QUALIFY FOR! 
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September 23 2010

David Widland I hope your weren't referring a link back to the Homepath websites lenders section as spam!!!!

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June 17 2010
Here is some more information directly from the Homepath Site.  Remember that only homes "eligible" as stated below can be financed with the HomePath Mortgage.

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes with the Homepath logo.  (Most Realtors will note that their listings are "homepath financing eligible.")

The benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect (NOTE: My program requires a credit score of 660 or higher unless you put 20% down)
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance*
  • No appraisal fees
  • Also eligible for HomePath Renovation Mortgage (see details at the link above.  Note: I personally do not offer the renovation product but likely a lender in the Zillow community can help you)
  • HomePath Mortgage financing is available from a variety of lenders both local and national.
  • ALSO note: My program requires a 45% debt ratio or lower.


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June 14 2010
Welcome to Zillow Mr. Spammy McSpammington!

Refer to Bob Lowery's post to find the error.
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June 11 2010
Go to [link removed by moderator] and look under finance section
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June 11 2010
Homepath financing is only offered to a select group of lenders that have premium relationships with Fannie Mae.  Met life is one of those lenders.

The product is truly an anomaly in our marketplace.  FNMA requires a 3% down payment, does not require mortgage insurance, has the lender guarantee a 30 day (or less) closing and is offering up to 3.5% of the purchase price back to the buyer to purchase appliances or use for closing costs if the loan closes by June 30, 2010.

FNMA repo properties are a good enough deal...with Homepath Financing however: it just gets better.  As Tom Says below: it DOES matter who you finance with.  Apply today at:[link removed by moderator] or follow my blog at [link removed by moderator] for more helpful daily news.
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May 19 2010
Homepath is a lending program for buying Fannie Mae-owned properties. It allows up to 97% financing for owner-occupied properties and up to 95% for investor-owned properties. It doesn't require Private Mortgage Insurance. It does not require an appraisal. You may find available properties in your area at www.homepath.com . Many of these properties are also eligible for the Homepath renovation loan which can help you to rehabilitate the property. It almost sounds too good to be true, but I recently funded a Homepath loan for one of my clients. It really couldn't have been much easier. I am happy to answer any more detailed questions about the program if you would like. Good Luck!
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January 07 2010
You can go to the following website to search for approved lenders in your state:
Approved Home Path Lenders

Make sure you use a reputible lender that you recognize and that the loan officer knows what they are doing.

Feel free to contact me if you have any further questions.
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September 11 2009
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September 06 2009
Boy, this thread is just loaded up with self promotion and violations of Zillow Policy.

Guys, just answer the question.  No need for phone numbers and websites.  This is a violation.  If the poster or visitor to the thread wants your information, they can click on your profile.
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September 06 2009
Greeley, I am a HomePath approved lender for Florida Properties only, but I would be more than happy to answer any questions you may have about HomePath mortgages regardless of where you are located.  Here are a couple of quick tips:

1. Act fast.  Most HomePath homes are priced low and offers come in 3 or 4 at one time.

2. Get Pre-Approved for HomePath before you try to make an offer.  The asset managers for FannieMae (who accept or deny offers) are being encouraged to accept HomePath financing offer other offers.

3. Ask questions.  HomePath mortgages are a little unique in how they are processed and underwritten.  Make sure the loan officer you are working with sounds like they have done this before.

4.  Ask for "seller concessions" with your offer.  FannieMae has an addendum to their contract that states "they will not pay any closing costs".  This does NOT mean that they will not give the buyer a credit towards your closing costs.  With a HomePath financed offer, FannieMae will almost always give you money back to pay your closing costs. up to 6% for owner-occupied homes, 2% for investors.

Feel free to contact me if you have more specific questions.  If I can answer them, I will. 

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September 06 2009
Hi jenmopo,

I don't do loans in Colorado (I know a great loan officer at 1st National Bank who could help you though if you need it) but here is some information I have put together on the new HomePath financing programs.

Hope it helps!

Justin

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April 12 2009
HomePath offers up to 97% financing, but it requires a credit score of 660 or better.  The home must also be registered on the HomePath website.  Here are some articles on HomePath that may help give you some insight to the program: click here.

Also, GFE is Good Faith Estimate and TIL is Truth in Lending.  These are disclosures that are required to be given to borrowers from lenders and brokers.  GFE is an estimate of costs.  The GFE should list all fees associated with the transaction: Lender, Goverment, Title, and Pre-Pays.  The TIL shows the monthly payments and APR.  APR is the true cost of the loan.  This is what allows you to compare lender to lender.  The higher the APR the more it costs you to borrow the money.
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March 14 2009
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GFE/TIL? What is that?
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January 28 2009

HomePath is a 97% financing option for owner occupied properties.

It is a different lender program from normal Conventional, FHA, VA.

You will need to obtain a GFE/TIL to accurately compare your available options.

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January 28 2009
 
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