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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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Joyce Kelley 03/29/2013 02:02 PM
Topic:
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Rainmaker
1,073,365
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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....

Sep 23, 2012 07:33 AM #15
Rainmaker
1,073,365
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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.

Sep 23, 2012 07:39 AM #16
Rainer
180,033
Tatyana Makarov
Coldwell Banker Residential Brokerage - South Windsor, CT
Your Greater Hartford Area Realtor

Hello Enbre,

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

Have a great day.

Sep 23, 2012 08:21 AM #17
Rainmaker
552,878
Gary Frimann
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
California Broker and REALTOR

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.

Sep 23, 2012 09:10 AM #18
Ambassador
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Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

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

Sep 23, 2012 11:50 AM #19
Rainer
307,049
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

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

Sep 23, 2012 11:54 AM #20
Rainmaker
541,855
Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent!

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

 

Sep 23, 2012 03:32 PM #21
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Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTORĀ®

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

Sep 23, 2012 07:13 PM #22
Rainmaker
977,580
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

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

Sep 23, 2012 07:18 PM #23
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Endre - Some of these changes could be a good thing for both the buyers and the market.
Sep 23, 2012 09:18 PM #24
Rainmaker
948,392
Bob & Leilani Souza
Souza Realty - Roseville, Rocklin, Lincoln, Loomis, Granite Bay, Penryn, Newcastle, Auburn, Meadow Vista (California) - Roseville, CA
Placer County, CA: Foreclosures, Auctions, Rentals

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

Leilani

Sep 23, 2012 11:56 PM #25
Rainmaker
711,769
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

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

Sep 24, 2012 12:45 AM #26
Rainmaker
73,747
Chicago Real Estate
Goran Utvic | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
Goran Utvic

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.

Sep 24, 2012 08:01 AM #27
Rainmaker
1,073,365
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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!

Sep 24, 2012 11:41 PM #28
Rainmaker
1,020,610
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

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!

Sep 25, 2012 01:25 PM #29
Ambassador
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

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

Sep 25, 2012 09:49 PM #30
Rainmaker
1,073,365
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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!

Sep 26, 2012 08:03 AM #31
Rainmaker
608,862
Michelle Cooks
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

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

Sep 26, 2012 08:11 PM #32
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Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900
Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thanks for keeping us updated on these changes with HomePath.

Sep 30, 2012 01:23 PM #34
Rainmaker
1,073,365
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

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

Michelle my pleasure!

Sep 30, 2012 01:27 PM #35
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