Fannie Mae also offers special HomePath financing with less strict guidelines than traditional Boca Raton mortgages. Whether or not a property is eligible for HomePath financing is determined on a case by case basis. There are a limited number of Boca Raton mortgage lenders who are authorized HomePath brokers. The main benefits to getting a Home Path Loan are:
-
No required appraisal and no required condo certification. This really helps in many of the condo communities where traditional financing is not available at all.
-
A low down payment, and no mortgage insurance.
-
Expanded seller contributions towards closing costs are allowed.
Fannie Mae will also require a lender pre-approval or "proof of funds to pay cash" to be submitted with any offer. They will not consider any contingencies on the sale of another property. And while Fannie Mae may make some repairs to properties to increase their marketability, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Though the buyer will have a due diligence period to inspect the property for major defects, Fannie Mae is not responsible for fixing any problems after a closing. It can be frustrating for investors to wait out the 15 day mandatory "First Look" period.
Primary homebuyers (owner occupants) should definitely be targeting Fannie Mae foreclosures as some of the best deals on the market.
Fannie Mae releases new properties daily, including homes that are "coming soon" on their inventory. To receive listings on new Fannie Mae properties, please fill out the short form below. We look forward to helping you find the perfect property.
* Indicates a Required Field.
