Did you know…..
Due to the fact that their inventory of foreclosed homes has been greatly reduced, the Fannie Mae HomePath and HomePath Renovation loan programs will cease to exist on Monday, October 6th. In order to use the current HomePath or the HomePath Renovation benefits on a Fannie Mae owned property you must have the contract of sale executed on or before October 6, 2014. Specifically in accordance with FNMA requirements:
Ø The executed purchase contract must be dated on or before October 6, 2014
Ø In addition to the contract of sale, they/we will require a file a copy of the property’s "Listing Details" page, printed from www.homepath.com, showing the HomePath Mortgage and/or HomePath Renovation Mortgage logo. The Real Estate Purchase Addendum reflecting the selection of HomePath Mortgage or HomePath Renovation Mortgage financing may be used as a substitute for the printed "Listing Details" page showing the logo, if it is dated on/or before October 6, 2014
Ø All HomePath loans must close and disburse on or before December 31, 2014
In addition, USDA has delayed all eligibility area changes until further notice!
What do you think? Is it good that the REO inventory is down so much they are stopping this program? Keep in mind, you can still get FHA 203K loans...
Sheila Newton, CDPE
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors