Breaking News: Fannie Mae announced HomePath Financing Changes!

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
http://actvra.in/J6H

 Breaking News Fannie Mae announced HomePath Financing Changes.

Fannie Mae announced that HomePath Mortgage which is currently available to low to middle income first time buyers will be allowing Investor financing to purchase Fannie Mae owned properties.

This new Mortgage Product will allow eligible individual and LLC borrowers to finance up to 20 properties using the Homepath Mortgage products.

Fannie Mae will offer flexible terms as well as they will not require appraisals

http://www.homepath.com/

HomePath Renovation Mortgage is also available and will allow a buyer to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and the renovation. Basically up to 35% of the completed value, but no more than $35,000. This will be available for owner occupied borrowers as well as investors.

Endre Barath, HomePath Realtor

The First look incentive will allow owner occupants and nonprofit organizations the first fifteen days to purchase the property. If the First Look buyers do not buy the property, than Fannie Mae will open it to investors to have the opportunity to purchase the property

 

. If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Brentwood, Bel Air, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at310.486.1002or email me at homes@endrebarath.comor visit one of my websites athttp://www.endrebarath.comYour Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.

 

 

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  1. Joyce Kelley 03/29/2013 02:02 PM
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Topic:
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Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Joy, we are in Boston,MA:)) came back from the Restaurant and I was checking my sources, hence noticed and had to share:))

Dick, I agree partially on the other hand there are a few investors who can fix a gutted Condominium or  an average home for close to that amount at their cost....

September 23, 2012 07:33 AM
Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Lucas my pleasure:)

Harry I agree because as Dick mentioned the average first time buyer could not freshen up a property for under $35k, you need seasoned investors with their own crews to make it work.

Charlie, what I heard was, once a Listing comes on the Market they will have an automatic Time Clock on it and you can check the HomePath website (I included here in the post)...once the clock reaches 15 days, than Investors can submit  offers on properties they are interested in. I am sure they will be monitoring the desired properties closely and call their agents to submit an offer as soon as permitted.

September 23, 2012 07:39 AM
Rainer
179,945
Tatyana Makarov
Your Greater Hartford Area Realtor
Coldwell Banker Residential Brokerage

Hello Enbre,

Thanks for sharing... I hope it will be easy enough to do.

Have a great day.

September 23, 2012 08:21 AM
Rainmaker
545,869
Gary Frimann
California Broker and REALTOR
Eagle Ridge Realty / Signature Homes & Estates

Endre, thanks for highlighting it.  I somehow missed this news releasae.  It will be most helpful, and hopefully it will contribute to a recovering housing market.

September 23, 2012 09:10 AM
Ambassador
1,227,260
Erica Ramus
MRE, Schuylkill County PA Real Estate
Erica Ramus - Ramus Realty Group - Pottsville, PA

In this market it's silly to try to close investors out of the picture.

September 23, 2012 11:50 AM
Rainer
307,045
Jennifer Chiongbian
Real Estate Broker - NYC
Specializing in all types of Manhattan apts & townhouses

Congrats on the feature Endre!  This is some good lender info for investors.  Hope you get some investor hits off this great blog post!

September 23, 2012 11:54 AM
Rainmaker
538,048
Ginger Harper
Your Southport~Oak Island Agent!
Coldwell Banker Sea Coast Advantage

This is such good news.. Thanks for sharing and I will do further research..

 

September 23, 2012 03:32 PM
Ambassador
1,088,787
Joni Staples
Your Huntsville / Lake Livingston Area REALTORĀ®
Berkshire Hathaway Home Services - Anderson Properties

Thanks! I have an agent in my office that will be especially happy to hear this. I will share it with her! :)))

September 23, 2012 07:13 PM
Rainmaker
973,701
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

Endre, this is very exciting news for a group of buyers who want to invest in this market but have not had favorable financing.

Sharon

September 23, 2012 07:18 PM
Ambassador
1,550,626
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty
Endre - Some of these changes could be a good thing for both the buyers and the market.
September 23, 2012 09:18 PM
Rainmaker
941,792
Bob & Leilani Souza
Placer County, CA: Foreclosures, Auctions, Rentals
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California)

Endre, it's about time Fannie Mae realized how much investors dominate the market! :)

Leilani

September 23, 2012 11:56 PM
Rainmaker
698,193
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Endre, hopefully this will have a dramatic effect on the housing market.

September 24, 2012 12:45 AM
Rainmaker
72,378
Chicago Real Estate
Goran Utvic
Goran Utvic | Chicagoland Brokers Inc, Chicago IL 60656

Endre, thanks for the update...investors can find great deals with Fannie Mae HomePath properties and being able to use HomePath financing opposed to Hard Money or Private Money makes the Fannie properties great investments.

September 24, 2012 08:01 AM
Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Tatyana, I am sure it will not be too difficult!

Gary glad you discovered it and I am positive it will be good for all

 Erica, I am so with you on your observations.

Jennifer thank you for the kind words and may they be prophetic!

September 24, 2012 11:41 PM
Rainmaker
980,569
Nick T Pappas
Madison & Huntsville Alabama Real Estate Resource
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL

Endre, I'm sure there's going to be some paperwork to get through, but I think it's going to turn out to be a good idea for some of those homes that have been sitting a long while...or homes that require more work that maybe only an investor is willing to take on.  Congrats on the little gold star!

September 25, 2012 01:25 PM
Ambassador
1,431,918
Jennifer Fivelsdal
Mid Hudson Valley real estate connection
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Endre sound like these changes could be helpful, time will tell.

September 25, 2012 09:49 PM
Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Nick, yes it is a great idea to move the ones that have been there a long time, best part is now the investors can actually jump in vs. before they were sidelined for lack of incentives.

Jennifer it will be helpful without a doubt provided they do not create a paper quagmire for investors!

September 26, 2012 08:03 AM
Rainmaker
564,887
Michelle Cooks
Pensacola, Pace & Gulf Breeze Property Management
Charles Stallions Real Estate Services

I would think this will mork to unload a lot of the properties out there. Thanks for enlightening us.

September 26, 2012 08:11 PM
Ambassador
1,092,446
Michelle Carr-Crowe Just Call 408-252-8900 Luxury Homes in Top Silicon Valley Schools-San Jose, Cupertino, Saratoga & Palo Alto
Family Helping Families Buy & Sell Homes 40+ Years
Just Call 408-252-8900 Lynbrook Homes Cupertino KW

Thanks for keeping us updated on these changes with HomePath.

September 30, 2012 01:23 PM
Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

 Charles we can all benefit if they get rid of the inventory that has been sitting around for a while!

Michelle my pleasure!

September 30, 2012 01:27 PM
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Endre Barath, Jr.

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