Fannie Mae To Discontinue ‘HomePath’ Loan Program
By Roger Aumuller // August 8, 2014
brevard county real estate update
BREVARD COUNTY, FLORIDA — Fannie Mae recently announced that they are discontinuing both the HomePath and HomePath Renovation loan programs.
If you have a buyer wishing to buy a Fannie Mae HomePath eligible home they must have a fully executed contract prior to October 6. Currently Fannie Mae HomePath loans allow for a buyer to put 5% down payment (owner occupied), incur no mortgage insurance expense, and there is no appraisal on the property.
Contracts after October 6 will no longer have those special loan features, however the buyer can still buy the Fannie Mae owned home using other financing such as FHA, VA, or Conventional.
SPECIAL LOAN FEATURES
Realtors may want to reach out to potential buyers who have been considering a Fannie Mae HomePath property-now is the time to get an offer accepted so the buyer can take advantage of these special loan features.
Finally remember that when Fannie Mae is the seller the cost of the Florida Document Stamps on the Deed ($.70 per $100 of the sales price) is passed on to the Buyer. Fannie Mae considers themselves a government agency and thus exempt from paying this tax as a seller normally does; however local government requires the tax be paid regardless of Fannie Mae’s status and your buyer will incur this cost.
For more information you can reach Aumuller at 321-543-2422 or email raumuller@
ABOUT THE AUTHOR
Roger Aumuller is the Senior Loan Officer at the Dyer Mortgage Group which was founded by Bobbie Dyer. Their philosophy is to give their clients world-class customer service combined with the best rates, terms, and programs to meet their individual needs. They want your home financing experience to be as easy as possible.
Dyer Mortgage Group is experienced in HomePath financing, and we will educate your buyers so they are well informed of the costs they will incur when buying a Fannie Mae property, as well as the savings that are available prior to October 6.