News You Can Use: Affordable Housing November 16, 2013 With the supply of affordable housing in my area, Sarasota County, becoming harder to find there are options that some potential home buyers may not be aware of that could fit their needs. Today I was researching the homes available with Fannie Mae HomePath. As of today there were 249 homes that could fit the bill for affordable housing and receive very favorable financing in Sarasota County. HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a low down payment, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions towards closing costs are allowed. HomePath properties are available for owner occupants and investors. With approved lenders, HomePath financing is available only on Fannie Mae-owned properties, offers great benefits — low down payment, no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors. For homes in need of repair as designated by Fannie Mae HomePath, the HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution. HomePath Renovation Mortgage allows a buyer to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation — up to 35% of the as completed value but no more than $35,000. HomePath Renovation financing is available for owner occupants and investors. HomePath homes can be seen on line at homepath. Freddie Mac has a similar program to Fannie Mae’s HomePath called HomeSteps. In Sarasota County, as of today, there were 75 homes listed for sale and can be seen on line at homesteps. In addition to Fannie Mae HomePath homes, as of today, there are 15 HUD homes available with favorable financing options for these homes by using FHA financing or FHA 203k (rehab loan) program to purchase these homes. These homes can be seen on line at https://hudhomestore. Once you are at the site you can input the county to search for HUD homes available for purchase. For those of you not in Sarasota County, Florida, you can still use these sites to locate homes in your area or areas you desire to purchase an affordable home. As always I recommend that you select a Realtor of your choice to help you with finding and negotiating the purchase of your home, regardless if this is your first one or not. Your realtor professional will guide you and help you with all the information you need to make an informed decision. For financing any home, contact me to help you with your mortgage financing needs. With 32 years of mortgage financing experience, it is my goal to help you find the right mortgage that fits your needs and circumstances. Call, message me on this site or email me at david.parker@flagstar. Copyright © 2013 David Parker Mortgage News. Reproduction, re-publication or transmission of any David Parker Mortgage News Article is not permitted without prior written consent and govern by all copyright laws.
Posted on: Sun, 17 Nov 2013 02:52:55 +0000
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