The Washington State Fannie Mae Homepath Program is available for qualified home buyers to purchase a foreclosed homes (REO’s) owned by Fannie Mae. The purpose of this article is to explain and highlight the incentives, guidelines and interest rates of this “special financing program” so that you can make the most informed decision as you shop for a home in Washington.
Why Fannie Mae Homepath vs FHA?
The Fannie Mae Homepath Program has special incentives for both first time home buyers, investors, and even for consumers looking to buy a second home. Combined with the growing number of Fannie Mae Foreclosures hitting the market and the fact that most are listed well below market value, I believe it is worth your time to look into this program with a Washington State Mortgage Professional.
***** Some important bullet points to know about the *****
Washington Fannie Mae Homepath Program:
Special Homepath Closing Cost Incentive!
Through October, 2011, Fannie Mae is extending their 3.5% seller paid closing cost incentive to all Washington State Fannie Homepath approved buyers. This offer only applies to owner-occupied purchases and other restrictions may apply. With Fannie Mae Homepath interest rates slightly higher than it’s competitor, the Seattle FHA Mortgage Program, this is a great opportunity to use the excess seller credit to buy down the interest rate. In most cases, 2.75%-3% of the contract price is enough to cover the borrower’s closing costs, (ask Dan Keller for a FREE Fannie Mae Homepath Good Faith Estimate), the difference can be applied to an interest rate buy down.
Interest Rate & Payment Comparison –
3% Down vs. 5% Down
As you can see, the difference is $130/month in payment, not much considering the 5% down program requires an additional $6,500 down. The breakeven point if you are considering going with the 5% down program is approximately 4 years ($6,500 divided by the savings of $130/mo.). If you would like to go over a total debt and mortgage analysis to see which program may fit best into your financial goals, please do not hesitate to contact me!
As you begin looking at homes, you find that most Fannie Mae Homepath properties are in good shape. However, in some cases, the property may require minor repairs or upgrades. In those cases, the Washington FHA 203k rehab loan program is a great option to consider.
If you would like to search Washington State Fannie Mae Homepath eligible homes, you can CLICK HERE for a direct link. Also, please let me know if you would like me to refer a qualified Fannie Mae Homepath real estate agent that can help navigate you through the search process.
If you would like a Fannie Mae Homepath Interest Rate Quote, or would like to see if you qualify for a Fannie Mae Homepath Mortgage, please click on the link below or contact me directly at (425) 350-7136
As always, when you are looking into a “special” program like the Washington State Fannie Mae Homepath program, it is important to work with a mortgage professional that is equipped to provide you first-rate advice, rates, and fees. If you are gathering information to purchase a home in Washington State, my Team and I would value the opportunity to assist you along the way! If you found this link valuable, please feel free to share!
I can be reached directly at: