Can I buy a Fannie Mae HomePath property with an FHA loan?

Can I buy a Fannie Mae HomePath property with an FHA loan?

Can I buy a Fannie Mae HomePath property with an FHA loan? Receive an HFA Preferred mortgage through a state HFA home-buyer program.
(HomePath properties purchased with an FHA, USDA or VA loan are not eligible for the incentive).

Can anyone buy a Fannie Mae HomePath property? First, you cannot buy a HomePath property without a real estate agent or REALTOR®.
Fannie Mae accepts offers from only Fannie-approved listing agents, but a local real estate agent can help you submit an offer through the correct channels.
Your agent must submit an offer online and work on your behalf.

How do you qualify for a Fannie Mae HomePath property? Buyer must be a First-Time Homebuyer (did not own a property in the past three years).
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.

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 I buy a Fannie Mae HomePath property with an FHA loan? – Related Questions

What does it mean to buy a Fannie Mae HomePath property?

Fannie Mae works with mortgage servicers, housing counselors and other partners to help homeowners prevent and avoid foreclosure.
HomePath is the branding used for all Fannie Mae-owned properties — anytime you see something labeled “HomePath”, it has to do with the sale of our Fannie Mae-owned properties.

Will Fannie Mae accept low offers?

In other words, if a property is in serious disrepair, Fannie Mae may be willing to accept a lower price, but you’ll have to put money into the home, so it may not be as good a deal as buying a less damaged home at full price.

Will Fannie Mae pay closing costs?

Closing cost assistance is paid by Fannie Mae, and delivered to your closing.
In order to be eligible, buyers must only complete an online course on homeownership, pay a $75 fee (which is refunded in-full at closing), and print their education completion certificate for “the file”.

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.

How much should you offer on a Fannie Mae foreclosure?

While Fannie Mae generally sells homes at between 92 and 100 percent of the asking price, you must negotiate to take off 8 percent from the price.

How much of a down payment do I need for a Fannie Mae loan?

3%
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.

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What is the difference between a Fannie Mae loan and a conventional loan?

Conventional loans aren’t insured or guaranteed by a government agency, they’re insured by private lenders.
Fannie Mae and Freddie Mac are government-created enterprises that buy mortgages from lenders and hold the mortgages or turn them into mortgage-backed securities.

How do I make an offer on a HomePath property?

Make an Offer
Locate the property you’re interested in by using the Search box located on the Home page.
Once you’ve located the property, click on the property photo, and then click ‘View More’ to access the listing details page.
Click the Make an Offer button on the details page to proceed with your offer.

How long does it take Fannie Mae to respond to an offer?

Most likely they will respond in 3 to 7 business days. On rare occasions, they will respond in 24 hours. We have no control over the bank’s decision making process. Some banks do not look at offers until the property has been on the market for 5 to 10 days or have a specific date before they review an offer.

Can I get a mortgage directly from Fannie Mae?

Because Fannie Mae doesn’t originate loans, you can’t get your mortgage directly from Fannie. Once the loan closes, Fannie Mae buys loans that meet its requirements from lenders. These conventional mortgages are guaranteed by Fannie Mae, meaning they’ll make investors whole if the borrower goes into default.

How long does it take HomePath to respond to an offer?

within 24 hours
Are you wondering how long it takes to get a response on a HomePath® offer

How do you get Fannie Mae approved?

To be eligible to sell mortgages to Fannie Mae, every seller/servicer is required to have a quality control program in place and must agree that the program will function for as long as the seller/servicer continues to do business with us.

Does Fannie Mae allow seller carry back?

For loans backed by Fannie Mae, the main requirements are that the seller carry mortgage must have a minimum term of five years (which will reduce monthly payments), have a minimum interest-only payment, and meet market rates.

Is Fannie Mae and FHA the same thing?

The difference between a FHA and Fannie Mae loans are that the FHA insured loan is a loan by The US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by a approved lender. The Fannie Mae loan has a higher credit score requirement at 620 to 640 which is higher than the FHA loan.

How long do you have to live in a Fannie Mae home?

Fannie Mae’s homes are available to owner occupants as well as investors. Owner occupants are buyers who certify that they will move into the home as their principal residence within 60 days from settlement and remain in that home as their principal residence for at least one year.

What does it mean when your mortgage is transferred to Fannie Mae?

When you have a mortgage transferred to Fannie Mae, your loan servicer doesn’t change right away.
Once Fannie Mae buys a group of mortgages, they’re turned into mortgage-backed securities, which are then bought by investment banks, insurance companies and pension funds.

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