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Heads Up: Fannie Mae Cancels the HomePath and HomePath Renovation Programs
By Leesa Sandoval
Have you heard the news? As of October 6, 2014 the HomePath and HomePath Renovation Programs will be history. That’s right; Fannie Mae recently announced that they are retiring this loan program. Any person purchasing a Fannie Mae owned property wishing to use either a HomePath or a HomePath Renovation loan must have a fully executed contract dated on or before October 6, 2014. Fannie Mae has yet to state the date the loan must close but it’s speculated that it would need to close by January/February of 2015.
Read MoreRenovation Mortgage Loans in Texas
By Leesa Sandoval
Renovation Mortgage Loans in Texas are great tools for buyers and sellers alike. They open the door for a buyer to purchase and then renovate a home to their liking. They also allow a seller to sell the home “as is” which then prevents the seller from doing a lot of unnecessary repairs/upgrades prior to selling. I use the term broadly here because the loan is as specific as the work to be done to the home.
Read MoreFannie Mae HomePath Mortgage Loan: The Good, The Bad, The Ugly
By Leesa Sandoval
Considering purchasing a foreclosed property? Let’s take this a step farther and say this property is a Fannie Mae foreclosure. Well if that turns out to be the case than you would be crazy not to participate in a Fannie Mae HomePath mortgage. Why you ask? For starters, unless you are renovating the home, no appraisal is required.
Read MoreWhy Buy New When You Can Renovate?
By Leesa Sandoval
With the amount of homes on the market listed for sale, instead of starting from scratch and building new, why not buy an existing home “as is” and renovate to fit your specific taste? Find a house with some great bones, in a neighborhood you love and renovate that house to be your dream home.
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