Foxx And Associates
Real Estate

Homepath/Fannie Mae information

 

-Homepath is Fannie Mae's online offer system and also their financing division for REO(real estate owned) properties. (As of 10/6/14, Homepath financing is no longer available, the program has ended.)

-All offers have to go through www.homepath.com, after you input your offer, we as the listing agent receive an email alert, and we review the offer, and then discuss the offer the Fannie Mae asset manager.

If you offer is accepted, an email will be sent to the contact email address provided by the agent during offer submission in Homepath.

 

HomePath Ready Buyerâ„¢ Program

Buying a home can be a daunting process, especially for First-Time Buyers. At HomePath, we support smart and sustainable homeownership as it advances Fannie Mae's mission to stabilize neighborhoods.

That's why HomePath is proud to bring you this homebuyer education course. If you're a First-Time Homebuyer, we encourage you to take this education course to prepare you for the responsibilities of homeownership. After completing the course, if you attach the course completion certificate to an initial offer and successfully negotiate a purchase of a HomePath property, you can request up to 3% closing cost assistance toward your purchase.

-Fannie Mae will allow an offer to be SUBMITTED without Proof of Funds or Lender Pre-Qual, but WILL NOT ACCEPT THE OFFER - You must either send us the Proof of Funds or Prequal  with the contract upload if you want an offer acceptance!

(just scan the proof of funds or prequal with the state contract when uploading it to Homepath.com)

 

-Fannie Mae is exempt from paying Doc Stamps on the deed, buyer is required to pay this additional expense.

How to calculate documentary Stamp Tax for Deeds:

  • Documentary Stamp Tax at $.70 per $100.00, rounded up, based on the total purchase price. (Example: $50,000.00 X .007($350.00)

-During the first 20 days on the market, Homepath only accepts offers from owner-occupants and NSP(neighborhood stabilization program)buyers.

This does not mean you have to wait 20 days to put in an offer for any buyer (you only have to wait 20 days if the buyer is an investor.)

 

Our recommended loan officer is listed below, if you have financing questions:

 

Michael Gallasso | Moneylink Mortgage Mortgage

NMLS# 347075

601 Cleveland  St. Ste 501 | Clearwater, FL 33655

Cell: (727)244-0114

Fax: (727)210-1441

Michael@moneylinkmortgage.com

 

 

 

 

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