How do you qualify for a Fannie Mae HomePath property?
Buyers must reside in the property as their primary residence within 60 days of closing. Individual buyers using public funds are eligible. Tenants residing in tenant-occupied properties are eligible. The property must be listed on Homepath.com and be eligible for the closing cost assistance.
How long does it take to close on a Fannie Mae HomePath property?
The standard closing period for HomePath buyers using NSP and other public funding assistance is 45 days, according to Fannie Mae. HomePath buyers then can expect to close on their properties anywhere from shortly after Fannie’s offer acceptance up to 45 or so days later.
What credit score do you need for Fannie Mae HomePath?
Fannie Mae offers financing for HomePath properties through its network of approved mortgage lenders. In general, Fannie Mae requires a minimum FICO credit score of 620 to qualify for its mortgage loans, but the qualifying requirements may vary according to down payment amount and individual home buyer circumstances.
Can you negotiate a Fannie Mae home?
You can find a great deal on a home with Fannie Mae’s help. Through HomePath.com, Fannie Mae sells homes they own that have gone into foreclosure. You can negotiate a Fannie Mae home by making an offer, but as with any home purchase contract, you may lose out to someone who is willing to pay more.
Are HomePath homes a good deal?
HomePath homes are usually more affordable than standard-market homes, but they’re also sold in as-is condition. You must have a real estate agent or REALTOR® to buy a HomePath home. You must also complete Fannie’s Ready BuyerTM online course before you submit an offer for a HomePath home.
Is it hard to get a Fannie Mae loan?
Homebuyers must also meet minimum credit requirements in order to be eligible for Fannie Mae-backed mortgages. For a single-family home that is a primary residence, a FICO score of at least 620 for fixed-rate loans and 640 for adjustable-rate mortgages (ARMs) is required.
Will Fannie Mae HomePath pay closing costs?
HomePath “Ready Buyer” Pays Your Closing Costs
The Fannie Mae HomePath program is an excellent way for buyers and real estate investors to find homes for sale at a discount. Closing cost assistance is paid by Fannie Mae, and delivered to your closing.
Can anyone buy a Fannie Mae property?
Fannie Mae’s homes are available to owner occupants as well as investors. Once you find a home that you would like to buy, you must submit a written purchase offer through a licensed real estate agent. Fannie Mae will consider standard contract contingencies such as financing, appraisal or home inspection.
How soon can you sell a Fannie Mae property?
To Be clear: the fannie resale 90 day restriction, is 90 days until Deed transfer, to the buyer, not purchase contract date. The restriction when selling to a FHA buyer, regardless of the property, is 90 days from your purchase/closing, until Execution of the FHA buyer’s purchase contract.
How much of a down payment do I need for a Fannie Mae loan?
Fannie Mae’s HomeReady® and standard loan programs require only a 3% down payment for a single-family home. You can use your own funds or get a gift donation from a family member. To buy a second home or an investment property, you need a down payment of 10% and 20%, respectively.
Does Fannie Mae require a 2 year work history?
A minimum history of two years of employment income is recommended. Borrowers relying on overtime or bonus income for qualifying purposes must have a history of no less than 12 months to be considered stable.
What is the difference between a Fannie Mae loan and a conventional loan?
What is the difference between a Fannie Mae loan and a conventional loan? They are the same. Conventional loans are the mortgages purchased by the government-sponsored enterprises of Fannie Mae and Freddie Mac.
How much should I offer for a HomePath home?
There is probably a 5-10% price negotiation window for Homepath homes, depending on how long they’ve been on the market. Anything over that and your offer will almost certainly be rejected.
How does Fannie Mae work?
How Fannie Mae Works. Fannie Mae buys mortgages from mortgage brokers, banks and credit unions, which transfers the lending risks from the lending institutions to the entity. Buying mortgages creates more liquidity for lenders, allowing them to underwrite more mortgages.
How long do you have to live in a HomePath property?
HomePath occupancy rules are purposely simple to encourage buyer activity on homes owned by Fannie Mae. Owner occupants must move in within 60 days after purchase and occupy the home as their principal residence for at least a year.