April 28th, 2010 2:59 PM by Korene L Clopine-Seaman
I want to reach out to you regarding Fannie Mae’s HomePath® Mortgage Financing and HomePath® Renovation Mortgage Financing which are available through PMAC.
Along with your current success moving REO properties, this should be another great option to utilize in your marketing efforts, and we will be happy to partner up to assist your buyers with the financing. See below the details on this offering.
Fannie Mae announced on Tuesday, April 27th it is extending its buyer incentive program beyond the original expiration date at the end of this month. The program is available to borrowers who purchase a Fannie Mae owned HomePath property and intend to owner-occupy. Homes for sale include single-family houses, condominiums and town houses that have been taken over by Fannie Mae as delinquencies and foreclosures rose.
The program, which will now expire on June 30, 2010, offers buyers of Fannie Mae owned properties listed on the HomePath.com website who close by that date a rebate of 3.5 percent of the purchase price of the house. The rebate can be used toward closing costs, a choice of selected Whirlpool appliances, or a combination of the two at the discretion of the buyer. The incentives were initiated in January and were advertised as a complement to the federal homebuyer tax credits available to both first-time and move-up homebuyers. The availability of the federal homebuyer tax credits program expire at the end of April although buyers have until June 30 to complete their purchases but the California tax credit program is still available.
"We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values," said Terry Edwards, Executive Vice President of Credit Portfolio Management.
The HomePath website lists Fannie Mae-owned homes for sale nationwide, and a quick visit to the site demonstrates why the corporation is offering incentives; it has a huge backload of properties. Some 62,000 properties are listed on the site including single-family residences, condominiums, and town-homes. There are, for example: 8,595 in California. Reuters reported that Fannie Mae recently stated that it had over 86,000 homes in its portfolio.
Many of the HomePath properties are also eligible for HomePath mortgage financing or renovation financing. The renovation mortgages offer the same benefits but will provide additional financing for "light renovation" and are available to owner occupants only.
While retail loan officers were initially the only group of originators able to write this loan product, mortgage bankers and brokers are now finding more investors willing to participate. Again this program applies to Fannie Mae HomePath properties only.
HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
The benefits include:
Ø Available only on homes you make your primary residence and offers these benefits:
Ø Financing to fund both your purchase and light renovation
Ø Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
Ø Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
Ø No mortgage insurance*
Ø HomePath Renovation Mortgage financing is available today
Ø Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
Ø Qualify even if credit is less than perfect
Ø Available to both owner occupiers and investors
Ø Down payment (at least 3 percent) can be funded by purchaser’s your own savings; a gift; a grant; or a loan from a nonprofit organization, employer or state or local government
Ø No mortgage insurance
Ø No appraisal fees
HomePath® Renovation Mortgage Financing is available.
If you are an investor interested in renovating a property, you may qualify for financing under our HomeStyle® Renovation Mortgage product.
For more information, contact your preferred lender, Korene Clopine-Seaman for cost details on both Financing Programs
This special financing is available on Fannie Mae homes with the HomePath logo:
You may also search for eligible properties on the HomePath website following this link: http://www.homepath.com/
I look forward to working with you on these programs or any other mortgage program you or your clients may need.
Korene Clopine-Seaman, CMPS, LMBSenior Mortgage Banker
PMAC Lending Services, Inc.
License: AZ BK #09066752159 McCulloch Blvd. #4Lake Havasu, AZ 86403T (623) 340-0934 | F (623) 218-1807 | korene@pmac.com | http://www.pmac.comMortgage website: www.klcsloanteam.com
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