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David Browne

Home Path

Friday, April 13, 2012 - Article by: David Browne - Goldwater Bank - Message

As most of you know, the majority of US home mortgages are insured by either Fannie Mae or Freddie Mac. So, when a home goes all the way through the foreclosure process, the lender it ends up with is often either Fannie Mae or Freddie Mac. End result is Fannie and Freddie own a lot of real estate and needs to sell it. But how do they do that in today's market?


How does Fannie Mae sell its homes?

They use local real estate professionals to prepare, maintain, and list their properties for sale. All properties are listed on the Home Path website - - and most have photographs, property descriptions and other details, like school and neighborhood information.

Do I have to use a special real estate agent?

No. You may work with any real estate sales professional to submit an offer on our properties. However, Fannie Mae only accepts offers through our real estate listing agents.

There's just one more critical step before starting your search with Home Path: that's talking to a lender and getting a pre-approval for financing. This is important with Home Path Homes. Home Path properties are hot and usually get into escrow as soon as they're listed, thus the importance of having buyers prequalified.

- This saves time by letting you search for homes within the pre-approved, affordable price range.
- Having this letter is also critical to showing the seller (in this case, Fannie Mae) that you have a serious and qualified buyer. Now find a house and you're ready to submit an offer.

Keep in mind that a loan pre-qualification or pre-approval letter doesn't mean your loan is approved yet. You'll still need to apply for a loan once you have an accepted offer on a house.

Quick financing features for the Home Path Loan:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupants and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No appraisal required
  • No mortgage insurance

Now that you have the info on Home Path, call me today to get pre-approved!

Dave Browne
Mortgage Loan Consultant
NMLS# 216574
Cell (808) 238-4446
Office (808) 874-7008
Fax (888) 809-8261

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