1. Fannie Mae offers to pay your closing costs…
With Fannie Mae’s HomePath Ready Buyer™ Program, First-Time Homebuyers may qualify for up to 3% closing costs, points, and prepaids. This may translate into thousands of dollars worth of savings.
Restrictions apply, so always confirm with your Realtor that you and the HomePath property are both eligible. For more information, check out my article on the HomePath Ready Buyer™ Program HERE.
2. Fannie Mae also offers to pay your title insurance…
If you allow Fannie Mae to select the title company/settlement vendor used for closing, Fannie Mae will pay for your title insurance policy. This option may be selected in section 10f of the purchase addendum. Ask your Realtor to confirm this selection when submitting offers and contracts.
3. Fannie Mae usually settles liens, code violations, and outstanding association fees…
It is fairly common for bank-owned and foreclosed properties to include a multitude of headaches for buyers. These may include, but are not limited to, mortgage, property tax, IRS, and mechanic’s liens, code violations, outstanding association fees, and more.
However, Fannie Mae usually resolves these issues and may settle these payments at closing. This coincides with Fannie Mae’s mission to “support smart and sustainable homeownership [and]…stabilize neighborhoods.”
The strides that Fannie Mae takes to promote homeownership also prevent many problems for buyers. Always check with your Realtor about the status of a property and confirm with title agents regarding title searches, lien searches, and abstracts of title.
4. Fannie Mae HomePath properties tend to be repaired and move-in ready…
Before Fannie Mae HomePath properties are listed, most of these properties are repaired as needed. This may include repairs as large as a new roof and foundation repair, but may also include the smaller fixes such as fresh paint and new closet doors.
Fannie Mae repairs each property on a home-by-home basis. The AS-IS condition by which HomePath properties are solid tends to be much better than it sounds. These homes are usually repaired, clean, and move-in ready.
5. Fannie Mae properties work around your schedule…
All Fannie Mae HomePath properties provide the luxury of showing availability. Being that these homes are vacant, they are easy to view with your Realtor since they work around your schedule.
This can add great ease to the home-buying process and help in making a Fannie Mae HomePath home your own.
For more information on Fannie Mae HomePath properties in your area, feel free to contact Richie at info@richiegallione.com or (954) 825-3758.