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Tips from the Trenches

HomePath Can Lead Realtors and Buyers to Special Deals on Foreclosures with 3% down, no appraisal, no mortgage insurance!

By Gary Moore

Mortgage Planner

For Realtors, a market niche to develop and buyers to make happy.

For home buyers, a home priced low and too-good-to-be-true financing.

For investors, ditto on the home priced low, ditto on the financing.

We are offering HomePath financing for Fannie Mae’s foreclosed homes. Fannie has a scheme for moving their REO (real estate owned by an institution) off the books, and it involves financing not seen since the “good old days”---you know, 4 or 5 years ago. Actually, this special financing beats even the financing deals which pushed American homeownership to new heights…and new depths.

Here is the deal for owner occupants: 3% down, no mortgage insurance required, no appraisal required. Down payment can come from a gift, a loan from a non-profit, state or local government or an employer. Seller can pay up to 6% of sales price toward borrower’s closing costs.

For an investor, it’s 10% down, and seller can pay up to 2% of sales price toward buyer’s closing costs. Still no appraisal and no mortgage insurance.

To find the homes which are eligible, go to www.HomePath.com and search by state and county. From the Fannie Mae site you can also get set up to receive alerts on new HomePath-eligible listings. Currently, there are 178 eligible listings in Davidson County and six in Williamson County.

Condos are also eligible, even those that do not meet standard loan criteria.

Homes are sold “as is,” and buyers have a 10-day inspection period.

For the first 15 days of a listing, owner-occupants get preference and have what Fannie Mae calls a “First Look” period during which only owner occupants may submit purchase contracts. Following 15 days, if the home is unsold, it’s “open season” and non-owner occupants become eligible to purchase.

Some of these homes draw multiple offers and sell quickly.

For Realtors who are interested in listing these properties, go to this web destination: http://fanniemae.com/aboutfm/procurement/reobroker.jhtml.

Please contact me for additional information or to pre-approve you or your buyers and investors to own real estate at a great price and with a financing program that exists nowhere else.

(Check out http://BrentwoodHomeLoan.com. Mortgage Planner Gary Moore produces Tips from the Trenches, copyright 2002-2010, designed as a resource for consumers and for Realtors who seek ongoing improvement, from the perspective of business partner and teammate. Contact me at 615-579-8658 for group or personal training and to pre-approve your prospects into the program which best serves their unique picture.)