A foreclosed property can represent a great opportunity and value for your money, and homes that are sold under the Fannie Mae Home Path program offer some great opportunities to purchase a foreclosed home that in many cases is "move in" ready. Some Home Path Homes will show either a Home Depot or a logo with "NEW" on them, which means they have already had som improvements. Fannie Mae may not repair or replace everything, and they strongly recommend that buyers hire independent home inspectors prior to purchasing a HomePath property.
Home Path financing is made available on Fannie Mae owned properties, and provides a great opportunity for either home buyers or investors to purchase a home with great terms. You make only a 5% down payment, have no mortgage insurance, and expanded seller contributions, so you will most likely have no closing costs.
Most of these homes as I mentioned before are move in ready, and some properties are also eligible for The Home Path Renovation Mortgage, which similar to the FHA Rehab(203k), provides for both the funds to purchase and to renovate the home all in one loan.
First Look Program: " Fannie Mae's innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization…allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors."
- First look is usually the first 20 days a property is listed on HomePath.com
- Properties in the First Look program have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase
- Eligible buyers during the First Look can be owner occupants, public entities and their partners and some non profits. Owner occupants must occupy their property as their principal residence within 60 days of closing and must maintain occupancy for at least 1 year after purchase.
Home Path Buyers Guide : Just click here and you will be connected to the Home Path Buyers Guide, which will give you the resources necessary to start looking for and purchasing a Home Path Home. Rally Point Mortgage will be ready to help you with your financing when you have fournd your perfect home.