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

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jenmopo

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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 - Greeley
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Tom Lundgreen, "tlundgreen"

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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
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Bob Lowery, "Bob Lowery"

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September 06
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Bob Lowery, "Bob Lowery"

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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
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Jason Nordin, "Florida HomePath"

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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
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Justin McHood, "justinmchood"

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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
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Jason Price, "Knightlines"

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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
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jenmopo

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GFE/TIL? What is that?
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January 28
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Stephen Ching, "Edmonds WA"

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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
 

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