Fannie Mae discontinued the HomePath financing program in October 2014. While this means home buyers have one less financing option, it also means the housing situation is improving. HomePath financing was previously only available on foreclosed homes owned by Fannie Mae. As the inventory of foreclosed homes has decreased dramatically since the peak of the housing crisis, Fannie Mae no longer sees the need to offer a separate financing program. This is actually good news for everyone. With less foreclosures dragging real estate values down, the market will be given a chance to heal and stabilize organically.
While they are no longer offering the HomePath loan program, Fannie Mae does offer the HomePath Ready Buyer program, HomePath Buyer Incentives for purchasing a HomePath home, Fannie Mae’s First Look Program and some increased flexibilities when buying a HomePath property.
Financing Flexibilities when Purchasing HomePath Properties
Interested Party Contributions
On typical conventional loans, contributions from the seller are normally limited to a certain percentage of the purchase price. If Fannie Mae owns the property (all HomePath properties are owned by Fannie Mae), the seller contribution limit is raised.
Multiple Financed Properties
Fannie Mae offers options for individuals who already own between 5 and 10 financed properties.
There are still many other great loan options available for people considering purchasing a Las Vegas home. Reach out to your Addicted Realty Realtor today and we will discuss your home needs and put you in contact with a mortgage professional.
Addicted Realty is not a mortgage lender and does not provide mortgage or financing advice. The above information is provided as a courtesy to our clients and is not a substitute for guidance provided by a licensed mortgage professional. Always consult a mortgage professional, tax professional or attorney prior to signing any mortgage or financing related documents.
