Fannie Mae’s HomePath Mortgage Expands throughout Chicagoland
CHICAGO”January 20, 2013– Fannie Mae recently expanded its HomePath Mortgage product, throughout the nation and Chicagoland, to assist more home buyers and investors financing with the purchase of Fannie Mae-owned properties. It allows investors and individuals to finance up to 20 properties using HomePath Mortgage, with flexible lending terms. Buyers may choose to finance through any lender, such as a local bank, credit union or other financial institution.
HomePath financing is available only on Fannie Mae-owned properties and is available for move-in ready properties to both owner occupiers and investors. This Fannie Mae product offers low down payments, flexible mortgage terms, no mortgage insurance, expanded seller contributions, and more.
Some Fannie Mae properties receive repairs and improvements before they enter the market. This gives the seller an advantage within a highly competitive buyers market. In addition, the HomePath Renovation Mortgage provides funds to purchase and renovate a Fannie Mae property in one final loan. Any renovations, repairs or improvements to Fannie Mae properties must be completed by a Fannie Mae Approved Contractor.
“To protect brokers, investors, and home owners Fannie Mae establishes stringent standards for its approved contractors,” says Sherman Neal former Vice President of Bank of Montreal and Principal Owner of Aspire Ventures general contracting company and Fannie Mae approved contractor. Understandably, brokers, investors, and home buyers want their property to be renovated by proven professionals, quickly within a highly organized process.
The National Association of Realtors supports the expansion of financing opportunities for investors as a way to accelerate purchase of REO properties. However, Fannie Mae’s HomePath program offers owner occupants (homebuyers who will live in the home as their primary residence) an exclusive “first look” at newly listed foreclosed properties. During the First LookTM marketing period, intended owner occupants are able to make an offer and purchase a HomePath home without competition from investors.
Aspire Ventures provides general contracting services throughout Chicagoland for new and existing homeowners, financial institutions, brokers and investors. We specialize in Fannie Mae properties, FHA 203k funded projects, mold testing and remediation, and insurance restoration services. For more information about Aspire Ventures visit www.Aspven.com.
A First Look Program
Fannie Mae’s innovative First Look marketing period was created to promote home-ownership and contribute to neighborhood stabilization allowing home-buyers to bid and purchase foreclosed properties before they are made available to investors.