Fannie Mae homepath | Whatis a Fannie Mae homepath property
Fannie Mae homepath is a platform that works with mortgage servicer. However, banks that own your loan and housing counselors and partners to help homeowners prevent and avoid foreclosure. Most of these things can be accessed on their website through this link www.knowyouroption.com.
The goal of this platform is to sell properties on time to minimize the impact on the community or individual. In this platform, they’re many beautiful things you can and benefit.
How Fannie Mae works -Fannie Mae homepat
Now, let’s proceed and bring to you in detail how Fannie Mae serves many of its customers.
How Fannie Mae HomePath Work
In case you’re surprised about how this platform works we’ll be showing you one or two things this platform can offer you. This platform is an online program that always purchases Fannie Mae-owned properties. Oftentimes, homeowner voluntarily gives up ownership to this platform.
Let’s go a little bit further; this platform acquires ownership of properties through a deed-in-lieu of foreclosure.
However, transactions are made to the homeowner mortgage borrow voluntarily transfer to the ownership of the property. Titles and all property associated with it to the owners, banks, or Loan Company in exchange for a release to their mortgage loan and payments.
Once you’ve found a house you want to buy, you can walk around with the real estate agent which you’ll meet through the homepath website. Once you have observed the property you want to buy, you can then make an offer with the agent.
However, this homepath program only accepts offers from Fannie Mae approved and listen to the agent. This means that any other agent from another platform might not be accepted. You might be allowed to work with a local agent to help you submit an offer to the listing agent.
How important it is
It’s very important for you to know that all homes acquired by Fannie Mae are known as foreclosure. However, it’s also referred to as real estate owned (REO). Most time Fannie Mae may require a minimum FICO credit score of 620 to qualify for its mortgage loans.
To qualify for this requirement may be according to the down payment amount and individual home buyer circumstances. Now, let’s look at some homepath prices and payment patterns.
Homeopath Prices and Payment
As you follow me carefully, you’ll understand how you can buy through this platform and make payments as well. You’ll also know some of the prices and how you can make payment through this platform. Now, most homes on the homepath website are priced competitively. This simply means that first-time buyers or those that want to purchase a bigger home for a lesser price will also benefit.
Fannie Mae offers incentives like flexible mortgage terms and also a low down payment for some properties. It also offers special financing options like home-ready mortgage and homepath ready buyer programs. However, real estate investors can also have the opportunity to benefit. But they might not be qualified to benefit same incentives that homeowners would.
What you have to Know about First Program Offered by Fannie Mae
- In the first 20 days, a property will be listed on Fannie Mae REO’s homes for sale.
- During the first look period, buyers will have a countdown clock on the property information page of Fannie Mae. Homes will be displayed in the remaining days to purchase.
- A buyer who is ready to buy often looks at the owner’s occupant, public entities and their partners, and also some none profit.
- Are you wondering what owner occupant is? Okay, let’s explain. They’re buyers that’ll occupy the property as their principal residence within 60 days of closing and it’ll maintain the occupancy of 1 year.
- In this platform, owner’s occupant’s buyers are expected to sign the Owner Occupant Certificate as a rider to the real estate buyer addendum.
- Investor’s offers will be submitted after the first look period has expired; they’ll be considered with the offers.
These are the few things you should about the first look program that’s offered by this platform. They’re benefits that go with buying from this platform, you can see them below.
Some Benefits of Buying from Fannie Mae
- Buying from homepath will give owners occupiers 20 days to act before investors. Investors most times gobble up foreclosure before others will even know about their availability.
- This platform pays up to 3% of closing costs and also an average of $5,000 for first-time homebuyers who have completed their 6 hours.
- They also list all the properties and they also offer online at Fannie Mae REO home sales. It makes the processes easy to see and understand. Fannie Mae can see all offers and it’ll select those that are the highest and best for them.
They’re two different kinds of homepath mortgages; one is your straight-up mortgage. The everyday mortgage requires 5% down for move-in ready homes. The second is homepath Renovation. This provides a mortgage and additional funds for fixer-uppers. Most times investors like the second option; it has more than minor home improvements and it also creates additional equity.
when buying a homepath property, you must have to submit an offer to the platform-approved listening agent. Your offer should be in writing and it should be submitted if applicable by a specified time and date. You don’t need to have a lender’s prequalification statement before submitting your offer. The prequalification statement can help you get financing and close on a home faster.