Tips for Buying Fannie Mae Homepath Properties

Tips for Buying Fannie Mae Homepath Properties

Fannie Mae Homepath properties can be a good choice for first time home buyers and real estate investors. These properties were returned to lenders via foreclosure or deed in lieu of foreclosure. Most require repairs, but are priced below market value. Many qualify for government home buying grants.

Buyers can finance Fannie Mae Homepath properties through Home Path Mortgage or the lender of their choice. Home Path Mortgage is a good choice for buyers with less than perfect credit and those who cannot afford large down payments.

Fannie Mae homes are sold in 'as-is' condition. Buyers should engage in due diligence by obtaining real estate appraisals and home inspections. Houses in need of moderate repairs are easily identified on the Fannie Mae website with a 'Home Path Renovation Mortgage' logo. Home Path Mortgage offers special financing options which include additional funds for required repairs.

What's appealing about financing through Homepath is buyers only need 3-1/2 percent down payment. Compared to the normal 20-percent required by most lenders, Homepath opens doors for buyers who might not otherwise meet down payment requirements.

Better yet, Fannie Mae Homepath allows borrowers to obtain down payment assistance. Funds can be obtained through personal loans or monetary gifts. The only other lenders that allow down payment assistance funding is FHA and VA loans.

Special financing programs change, so buyers will need to browse the 'Specials' section when visiting the Fannie Mae Homepath website. At present, buyer incentives include not having to pay for mortgage insurance or property appraisals.

Fannie Mae homes can be ideal for real estate investors. Many of the listed homes for sale are suitable for rental homes, vacation properties, Section 8, and to offer 'owner will finance' agreements.

Many investors are buying distressed properties for use as rentals with purchase options. As the number of foreclosed homeowners continues to rise, there is a new market for buyers who want to buy, but cannot qualify for financing.

Offering seller-financing can be beneficial to all parties involved. Sellers can lock-in long-term tenants who care for the property because it will be their own. Buyers are given time to engage in credit repair strategies to qualify for financing when the finance contract expires.

Many of the Fannie Mae Homepath properties are located in areas with high rates of foreclosure. Buyers who purchase these properties should investigate the Neighborhood Stabilization Program offered through HUD.

NSP grants are provided to all 50 states. Both buyers and properties must qualify and funds must be used according to specific protocol. Nonetheless, this is free money that can be used to renovate and improve the foreclosure home.

NSP grants are available to individual buyers and real estate investors. Individuals are limited to 1 grant, while investors can obtain a maximum of 5 grants. Program details are available at HudNSPHelp.info.

Only you know if it is time to invest in real estate. If you're considering buying residential houses as an investment or primary residence, take a look at Fannie Mae Homepath properties first.

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