Though you don’t need to be a first-time home buyer to purchase a HomePath home, you need to buy your first property to qualify for closing assistance. Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer.
What is the Home Ready program?
The HomeReady™ Mortgage (HomeReady) program helps lenders serve today’s market of creditworthy, low- and moderate-income (LMI) borrowers, and encourages the financing of homes in designated low-income, minority,15 and disaster-impacted commu- nities.
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 conforming mortgages are guaranteed by Fannie Mae, meaning they’ll make investors whole if the borrower goes into default.
How long does it take to buy a 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.
Can you buy a HomePath home with a FHA loan?
What is a HomePath home? These are Fannie-Mae-owned properties. Assuming the property is in tip-top shape, you may also use other types of loans to finance your home purchase, like an FHA loan or a VA loan. However, there are certain benefits of choosing a HomePath Mortgage to finance a HomePath property.
What are the requirements to buy a HomePath home?
Fannie Mae requires that you must not have held any type of homeownership in the last 3 years to qualify as a first-time buyer. You must also plan to use your HomePath home as a primary residence, and you need to move into the property within 60 days of closing. Get approved to refinance.
What is the HomePath program?
The HomePath program gives owner-occupiers (home buyers who will use the home as their primary residence) 20 days to act before investors. Investors often gobble up foreclosures before the little guys even know they’re available.
What are the requirements to qualify as a primary residence?
To qualify, the property must not only serve as the principal residence, but the owners must have lived in the home for at least two consecutive years in the five years prior to the sale.
Is the HomePath ready buyer program right for You?
Major real estate investor Fannie Mae’s HomePath Ready Buyer™ program allows potential homeowners to buy a foreclosed property with as little as 3% down with up to 3% closing cost assistance. If you want to buy a home but can’t afford a standard-market property, choosing a HomePath home might be right for you.
