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Tag Archives: HomePath

Fannie Mae Extends Closing Assistance for HomePath Properties

Fannie Mae announced Thursday it is extending the 3.5 percent closing cost assistance for HomePath properties purchased during the First Look period in 27 states. During the FirstLook period, which is in effect for the first 20 days a property is on the market, an owner-occupant or public entity buyer is able to submit offers on HomePath properties without competition from investors.

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Fannie Mae Increases Incentives to Purchase REO Properties

Fannie Mae announced Thursday that homebuyers can now receive up to 3.5 percent in closing cost assistance. The help is available within the FirstLook period of Fannie Mae’s HomePath properties in 27 states. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs.

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Arizona State Credit Union Offering Fannie Mae HomePath Loans

Arizona State Credit Union is now offering Fannie Mae HomePath loans, making it one of only a handful of credit unions in the nation approved for the mortgage program. HomePath is the GSE's venture for marketing and selling its REO properties, providing special financing terms for the purchase of select Fannie Mae-owned properties. Arizona State Credit Union says its participation in the program is expected to help reduce the inventory of foreclosed homes on the market in Arizona.

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First Guaranty to Offer Fannie Mae HomePath Renovation Loans

First Guaranty Mortgage Corp. (FGMC) will now offer Fannie Mae HomePath and HomePath renovation products through its wholesale lending and consumer direct lending channels. HomePath is the GSE's venture for marketing and selling REO properties it takes ownership of after the foreclosure process, providing special financing terms for the purchase of select Fannie Mae-owned properties. FGMC is one of only a handful of mortgage lenders in the country to be approved to provide the HomePath product.

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Prospect Mortgage Offers Renovation Loans for Fannie Mae REOs

Prospect Mortgage, a California-based lender authorized to provide HomePath financing for Fannie Mae, now offers the HomePath Renovation Mortgage. HomePath is Fannie Mae's vehicle for the marketing and disposition of REO properties the GSE has acquired through foreclosure. The HomePath Renovation financing tool allows homebuyers to purchase a Fannie Mae HomePath property and include up to $35,000 for non-structural repairs and restoration as part of the loan.

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Wholesale Lender Offers Special Financing for Fannie Mae REOs

California-headquartered Kinecta Federal Credit Union now provides its brokers and business partners with HomePath mortgages from Fannie Mae. HomePath is the GSE's venture for marketing and selling REO properties, and it offers special financing terms for the purchase of select Fannie Mae-owned properties. Currently, Kinecta is the only approved credit union in California and one of only five in the nation to offer HomePath mortgages.

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Fannie Mae Announces 3.5% Buyer Assistance on REO Properties

Fannie Mae announced Monday that borrowers purchasing a Fannie Mae-owned property through HomePath, the GSE's REO disposition operation, will receive up to 3.5 percent in closing cost assistance. The company has implemented this temporary buyer assistance program fairly regularly since the beginning of last year -- a strategy aimed at helping the GSE unload a bloated supply of repossessed homes. Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010, compared with 145,617 in 2009.

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Fannie Employs Active Data Technologies’ Pilot in Select REO Markets

Active Data Technologies Inc., a Florida-based creator of custom REO Web sites, released a statement this week announcing that the company recently completed a pilot REO offer management platform for Fannie Mae. The program, available through the GSE's HomePath Web site allows agents representing homebuyers or investors to submit offers online to purchase Fannie Mae-owned properties in three test markets: Orlando, Florida; San Diego, California; and Wayne County, Michigan.

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