Anyone here have any experience with this whole process?
Was looking at a website called homepath.com of the houses that Fannie Mae currently has possession of.
Just curious to what everyone's pro/cons are in dealing with this whole process.
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Anyone here have any experience with this whole process?
Was looking at a website called homepath.com of the houses that Fannie Mae currently has possession of.
Just curious to what everyone's pro/cons are in dealing with this whole process.
just an FYI, Fannie Mae Homepath isnt FHA loans, which seems to be better since you dont have to pay PMI
Your question is somewhat vague?
What process do you mean? Getting an FHA mortgage, or Fannie Mae buying the note?
The website you are referring to is supposedly an outlet where you can get homes directly from Fannie Mae instead of a bank. When it comes down to buying your home, you still need to go with the best interest rate and agreement on your deal. I don't know if getting a loan directly from Fannie Mae is any better than getting it through Wells Fargo, or other banks. The large banks end up selling your note on the secondary market, and typically keep the servicing so you still call the bank for any problems.
Ultimately, I don't know if you are getting any special deal here.
With a homepath house, you have to use an approved FannieMae lender. The loan is not directly from FannieMae, it would be through a lender like Wells Fargo. Wells then sells the loan to FannieMae, but retains the servicing as you mentioned.Quote:
Originally Posted by BooneCy
I agree with you, I don't think this is any special deal, just a way for FannieMae to try to sell houses they have on their books.
There is one benefit apparently that others don't have.
"Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus for selling agents on HomePath properties through December 31, 2010."
I almost sold my home to someone going through FHA. The day before closing, they decided that a fuel tank 270' away was 30' too close, even though my home qualified for a USDA loan when I bought it. Sooooo, I have a bit of a low opinion of the process right now. Especially since they will not respond with an explanation (haven't responded in 3 months anyway).
avoid the government whenever possible, they will wrap things up in red tape so tight, you will be lucky to have the house by next summer.
USDA and FHA are two completely separate programs running under different guidelines. USDA was known for being very "loose" with their guidelines, which is why they run about 15% of their loans in some stage of default. A good real estate professional who understands FHA should have known about the fuel tank. The appraiser who appraised your property was doing their job according to guidelines set by FHA. FHA has stricter appraisal guidelines than a conventional loan.Quote:
Originally Posted by Cyclonepride
You realize FannieMae, FreddieMac, GinneMae (FHA & VA) are all part of the government? Qualifying for an FHA loan is no more difficult than a conventional loan. FHA does require more documentation because they were designed to help people get into homes without a lot of money and want to be sure the borrower can make the payment each month. They do have a stricter appraisal than a conventional loan, but as a borrower that is to your benefit. FHA does not underwrite loans, lenders do, all FHA does is set the guidelines, act as the investor of the loan after it as closed, and insure it in the event it goes into default. If a loan gets caught up, it can typically be blamed on the borrower, the seller, or the lender.Quote:
Originally Posted by cloneluke80
This has probably been mentioned already in the thread.Quote:
Originally Posted by cjb1978
But a large portion of foreclosed properties will not qualify for FHA loans. cracked and pealing paint disqualifies an fha loan - and paint issues typically is not the only issue with FC property. In general.
I understand that there are different guidelines. However, one program of government seems to be more concerned about the safety of the situation than another. And since the regional FHA guy in Des Moines evidently cannot be bothered to explain anything, or return a call or email, that left me a bit ****** off. Not to mention, the appraisal was about 20 days or more before the closing, and it went right down to the wire before they stopped the process.Quote:
Originally Posted by Three4Cy