The Home Buyer's Korner

Information presented should be used for educational purposes only.

March 26th, 2015

Guy looking up in color

GREATER ENCINITAS CALIFORNIA

The Home Buyer’s Korner

Google+ RE Community

Google+ Mortgage Lender Community

Google+ General Contractor Communities

FNMA HomePath Renovation Ended

FNMA Reno Cancelled 1It’s official as of October 6th, 2014 Fannie Mae has ended its HomePath Renovation Program.  The good news is the housing market is picking up and the inventory of foreclosed homes has been dwindling.  However many areas around the country still have a large inventory of homes you’ll want to check out and why we’re leaving our links to Fannie Mae homes on our blog. 

So how do you look at these properties now that the renovation options no longer exist?  You now have to secure mortgage insurance if you don’t have a large down payment.  And, let’s not forget you’re going to now need an appraisal that supports a value in an “AS IS” condition if you’re thinking about traditional financing.  The fact remains many of these home still need repairs or could use a remodel and traditional conventional financing might not be an option.  

Before today, Fannie Mae’s HomePath program helped home buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae along with other benefits that just aren’t available anymore.

But don’t be forlorn, as Fannie Mae is making up for these program withdrawals with a number of financing flexibilities. Fannie Mae will allow an interested party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to six percent of the selling price; up from three percent.  That’s right in line with the FHA 203K Home Renovation Program and the best solution for purchase these homes for owner occupying home buyers.

Fannie Mae is also removing the resale restrictions, which require a length of time before reselling these homes.  If you’re a property investor, check out the Fannie Mae HomeStyle Program.  Since FHA doesn’t allow for investor purchasing, it could be the perfect option.  It works a lot like the now non-existent Fannie Mae HomePath Renovation Program and many real estate professionals refer to it as the conventional alternative to FHA 203K for investors and second homes renovations.

VISIT OUR GREATER ENCINITAS AREA

HOMES FOR SALE LISTINGS

Livingston Homes for Sale

FIND HOMES THROUGHOUT ENCINITAS CALIFORNIA

HUD FORECLOSED HOMES IN & AROUND THE GREATER ENCINITAS CA

USDA FORECLOSED HOMES IN & AROUND THE GREATER ENCINITAS CA

FNMA HOMEPATH FORECLOSED HOMES IN & AROUND ENCINITAS CA

FIND MORE FORECLOSURES IN & AROUND ENCINITAS CA

CALIFORNIA HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

Encinitas Bridgewater Willowcreek Estates Cantebria Estates Crest Drive Estates Encinitas Highlands Estates Encinitas Ranch Estates Encinitas Village Park Estates Fortuna Ranch Estates Fox Point Leucadia Estates High Country Villas Estates Leucadia Estates North Village Park/Creek Estates Olivenhain Northwest Estates Orpheus Park Estates Park Encinitas Estates Quail Pointe Apartments Estates Requeza Estates Sandalwood Estates Saxony Road Estates Skyloft Estates Village Park Encinitas Estates Cardiff-by-the-Sea Del Mar Del Mar Heights Eden Gardens Elfin Forest Green Valley Mobile Estates Leucadia Olivenhain Park Encinitas Trailer Park Rancho Santa Fe Riviera Mobile Home Park Sea Aire Moble Home Park Solana Beach

Join us at Real Estate Social

Comments are closed.