Fannie Mae Owned Homes in Charleston, SC Area Due to the economic and housing crisis Fannie Mae and Freddie Mac have had to unfortunately foreclose on millions of homes in Charleston and across the United States back in 2008 – 2011. The good new about this is you can capitalize on this misfortune. Before considering buying a house directly from Fannie Mae you need to talk to a Charleston, SC Fannie Mae approved realtor. Fannie Mae has devised a new program for prospective homebuyers called the HomePath program. This special program has many incentives that make it very enticing to say the least. Buying a Home Directly from Fannie Mae with a HomePath Loan Purchasing a home directly from Fannie Mae using a HomePath loan can be an excellent opportunity for buyers looking to score a deal on a property. But how does it work, and what’s the process? Let’s dive into how Fannie Mae acquires these homes and how you can take advantage of this unique program. How Fannie Mae Acquires Homes Fannie Mae, a government-sponsored enterprise, doesn’t build homes or sell properties under normal circumstances. Instead, it acquires homes through the foreclosure process. When a homeowner with a Fannie Mae-backed mortgage defaults and goes through foreclosure, Fannie Mae repossesses the property and lists it for sale to recoup its investment. These homes are then sold through the HomePath program, which offers buyers a chance to purchase these repossessed properties. What Is a HomePath Loan? A HomePath loan is a special financing option that Fannie Mae offers to make purchasing these properties easier for buyers. The program allows for a low down payment (often as little as 3%) and doesn’t require private mortgage insurance (PMI), which can make monthly payments more affordable. Additionally, the program is open to both first-time homebuyers and investors. How to Find and Buy a HomePath Property To find a Fannie Mae-owned property, start by visiting the HomePath website. You can search for homes based on location, price, and property type. Once you find a property you’re interested in, you’ll need to submit your offer through a licensed real estate agent who is registered with HomePath. Benefits of Purchasing a HomePath Property Competitive Pricing: Because these are foreclosed homes, they’re often priced below market value. Special Financing Options: The HomePath loan’s low down payment and no-PMI benefits make it an attractive option. Possible Renovation Loans: Some properties qualify for additional renovation financing through Fannie Mae’s HomeStyle loan, which allows buyers to finance the cost of repairs or upgrades. Considerations Before Buying Keep in mind that while these properties are competitively priced, many are sold “as-is,” which means Fannie Mae won’t make repairs before closing. It’s essential to get a thorough home inspection to understand what you’re purchasing and to budget for any needed repairs. By taking advantage of the HomePath program, homebuyers can find good deals on Fannie Mae-owned properties and benefit from favorable financing options. With a bit of research and the help of a knowledgeable real estate agent, you could find yourself in a new home at a great price! Closing Cost Assistance and Appliance Incentive for Fannie Mae Homes Fannie Mae is offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for: Closing costs; The purchase of new Whirlpool® appliances by Fannie Mae; or A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%. To be eligible for this incentive: Offers must be accepted on or after January 28, 2010 Property sales must close before May 1, 2010 HomePath® Mortgage Financing This special financing is available on Fannie Mae homes with the following logo: The benefits include: 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 occupiers 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 mortgage insurance* No appraisal fees To learn more about this program feel free to contact me directly at 843.478.8061