Phoenix Bank Owned, Fannie Mae properties roll out HomePath Buyer Incentives

Fannie Mae Rolls Out HomePath Buyer Incentives

Fantastic HomePath buyer incentives for eligible Fannie Mae home buyers has just rolled out for the summer.  The quick summary: if all conditions are met, owner occupant buyers can receive closing cost assistance of up to 3.5% of the final sales price from Fannie Mae with the latest HomePath buyer incentives.

HomePath Buyer Incentives Help HomePath Property Buyers Pay for Closing Costs

The HomePath buyer incentives will provide HomePath property buyers the ability to spend some of that hard-earned cash on decorating, fixing their place up or just bank it for future needs instead of on their closing costs.  You can search for Fannie Mae homes at or you can search the MLS here for available HomePath properties.  I’ve included a recent article from RIS Media about the HomePath buyer incentives below…

HomePath Buyer Incentives

Fannie Mae Expands HomePath Buyer Incentives

RISMEDIA, Thursday, June 16, 2011 Fannie Mae (FNMA/OTC) announced the expansion of incentives to encourage sales of HomePath REO properties to owner occupants. Now through October 31, qualified buyers and selling agents can receive financial incentives on sales of HomePath properties, which can be found at The incentives are part of Fannie Mae’s commitment to neighborhood stabilization, and are available on sales to buyers who will reside in the home as their primary residence.

Supporting homeownership and stabilizing neighborhoods are critical to helping the housing market recover, saya Ed Neill, Senior Vice President for Credit Loss Management at Fannie Mae. Our previous incentives have been effective in securing owner occupants for these properties. By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.

The expanded incentives offer qualified homebuyers up to 3.5 percent of the final sales price to put towards closing costs. The incentive must be requested in the initial offer. Eligible initial offers must be submitted after June 14, 2011 and must close by October 31, 2011. Investor sales are not eligible for the incentive.

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

In addition to the HomePath buyer incentives, a $1,200 bonus is available for selling agents in eligible transactions.  The HomePath buyer incentives bonus is available if the initial offer is submitted on or after June 14, 2011 and the sale is closed by Oct. 31, 2011.

The stars are in alignment – HomePath buyer incentives are available  AND rates and prices are down – a perfect opportunity to pick up an outstanding value and the perfect home.  So get out there and find yourself a great HomePath property.

Homepath Buyer Incentives Terms and Conditions

  • Buyers and/or selling agents (the agent representing the buyer) must request the HomePath buyer incentive upon submission of initial offer.
  • Initial HomePath Buyer Incentive offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.
  • Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)
  • Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.
  • Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.
  • Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
  • Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.
  • Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.
  • Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.
  • Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

NOTE: this incentive will be identified on the purchase contract, and must close by October 31, 2011 to receive the incentive from Fannie Mae.

If you’re in the market for a great home, I’d encourage you to utilize one of our HomeStyle Team buyer agents who are well versed in the HomePath Buyer incentives and specialize in HomePath properties.

11 Steps to Buying a Phoenix Home Series-Closing

Your almost ready to move into your Phoenix Home

Phoenix home closing
When do I get the keys?  A question that is commonly asked by anxious home buyers anticipating getting settled into their sometimes long awaited Phoenix home. The answer=As soon as it records.  In most cases Buyers can not take occupancy of their Phoenix home until the transaction closes and records. This is especially the case if you are buying a Phoenix foreclosure home.  However, this is a negotiable term and in some instances you may be able to occupy the property earlier than closing.

Review of the Phoenix home transaction from contract to close

Your Realtor should inform you on each phase and what to expect as you move along.   The key milestones leading up to this point from the time your Phoenix home contract was accepted (assuming you are financing your purchase with a loan) are outlined below;

  • Escrow
  • Loan application
  • Due diligence
  • Appraisal
  • Underwriting
  • Loan docs
  • Final walk-thru
  • Signing
  • Funding and recording
  • Occupancy/Keys :)

Prepare so your Phoenix home transaction is a smooth one!

With a positive attitude, a little education on the Phoenix real estate market and an experienced Realtor by your side, your Phoenix home transaction should go off without a hitch!  Upon this conclusion to our  11 Steps to Buying a Phoenix Home Series (and for a shameless plug :)) we would like to remind you to contact our team of experienced Buyers Agents today to get started with your Phoenix home search.

Our Phoenix home listings below are updated in real time so please take a moment to browse recent Phoenix foreclosures below:

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Common Costly Home Buying Mistakes You Must Avoid!

home buying mistakes in scottsdale, azDo You Make Any of These Common Home Buying Mistakes?

What Every Homebuyer Ought to Know About Avoiding These Costly Home Buying Mistakes!

Keep Reading to Discover How You Can Learn to Avoid Them…

John was excited about purchasing his brand new home, but he was preparing to make one of the most common home buying mistakes made by would be home buyers.  John thought driving up in his brand new car would be a great idea.  The ‘new car’ smell was mesmerizing and the vision of the wind flowing through his wife’s hair as they cruised through their new neighborhood with the top down became irresistible.  He drove off the lot with a big joyful smile and a gleam in his smiling eyes.

Unfortunately, his smile soon turned into a frown of sadness when his lender informed him his new car purchase showed up on his credit report right before they were getting ready to fund the loan and close.  John’s car purchase had just disqualified him from his new home loan.  Indeed, costly home buying mistakes like this happen every day.

The new car monthly payments were added into John’s monthly expenses and raised his debt to income ratio to a higher level, immediately disqualifying him  A very sad state of affairs, but common home buying mistakes like this are all too common I hate to say.

These type of home buying mistakes are very costly, but are not isolated to just new car purchases.  Home buying mistakes also occur when would be buyers want to have things in order and finance appliances and furniture in advance of closing on their new home loan.  Even racking up charges on your charge cards can increase your debt to income ratios enough to disqualify you for your new home loan.

Recommended: avoid these common home buying mistakes by eliminating all major purchases as much as possible before purchasing a home.  If you must make them, check with your lender first and have them re-run the numbers to make sure you don’t end up spending the night in your convertible instead of your new home, like our poor friend John.

More Costly Home Buying Mistakes

Costly home buying mistakes made by many would be tenant buyers lately is to hand over their down payment money directly to the for sale by owner.  It looks like a great deal, buying direct from the owner, the price seemed right and the owner was willing to work with you on accepting a fair rent until you were able to qualify for a loan to finish the purchase, but one of the most common (and costly) home buying mistakes was in the making.

One day, typically a real estate agent, knocks on your door asking if you are the owner.  You explain you’re the tenant and are purchasing the home from the owner and the agent goes on to inform you the owner has been foreclosed on, asks to view your lease and offers you a relocation assistance program to help you with your move from the new owners at the bank.

I’ve personally seen these type of home buying mistakes made time and again.  One would be tenant buyer gave someone posing as the owner, not only their down payment money, but their first and last months rent. Ouch!

Recommended:  Use a real estate agent to help you avoid these common home buying mistakes that are running rampant right now with all the foreclosures happening.  At worst, get your down payment money into a 3rd party escrow account, so access to the money can’t be gained by either party until either the house closes or the deal falls through.  You may want to also screen the owner and get some credentials from them to prove who they really are and check the county recorders office to see if a Notice of Foreclosure Sale has been filed.  Search the tax assessor and county recorder websites to find out who really owns the home and don’t ever hand over cash money to the owner, one of the very large and costly home buying mistakes.

Costly Home Buying Mistakes – Utilities Not Turned On…

Believe it or not, some home buyers actually forget to have their utilities turned on in their new home before they move in.  Of course, Murphy’s law is in full effect, as this usually is discovered on a late Friday going into a weekend when no one is going to help you until Monday.  That makes for a very uncomfortable inauguration into your new home, especially at 110 degrees in Phoenix, Arizona or in the dead of winter with no fireplace.

Recommended: make a note to yourself to arrange two things: (1) turning off utilities at your old residence and (2) getting them turned on at your new home.

Avoid Common Home Buying Mistakes…

Having a good real estate agent to look out for your interests as you go through the process of buying your new home is an extremely important asset you don’t want to overlook.  Their services are paid for by the seller and they can literally save you thousands of dollars in grief avoidance with their expertise in helping you avoid not only these, but many other common (and costly) home buying mistakes made by would be home buyers.

It’s their job to keep up with all the details of the transaction from day-to-day, and keep everything moving smoothly and on track towards the exciting day of closing.  They help shield you from a great deal of the frustration associated with buying a new home and help you stay up with the requirements of the lender as the home progresses to closing too.  They arrange home inspections, remind you to turn on utilities and keep things on track.

Many home buyers fail to do this and then find themselves way behind in the process at the very last minute. This can sometimes lead to delay or even cancellation of the transaction.  Recommended: take care of your side of the fence by staying on the same page as the lender all the way through the process.

The better educated you are about potential and costly home buying mistakes you could make when buying a home, the better chance you have to keep the entire home buying process cruising along smoothly toward a successful close.

By the way, after you’ve closed and you want the wind blowing through your hair in that new ragtop, go for it knowing you have avoided those treacherous common costly home buying mistakes.

Retirement Money And Real Estate

Retirement fund and real estate are somehow significantly related. But not when you say you will invest your retirement fund after you retire because that would be a little too late. Tying up your retirement fund to real estate is a one of the best ideas that you can incorporate to your plans now. It may not make sense now but it will in the future.

Looking at it in real property’s view, buying a home is a long term investment considering the fact that real estate property value appreciates in time. Waiting for your retirement money to invest is not a smart idea. Start paying off for a house before you retire where you can use your retirement money in other investments, or vacations with your loved ones. That sounds a rewarding yet profitable kind of retirement.

You can invest on fixed interests, bonds, or mortgage funds. These are also wise ways to invest your money now for your retirement aside from your retirement plan. You can see your money multiplying as the economy grows and prosper. But if the economy falls, the same thing will happen to your investment. And you can never blame anyone as well as you can never get it back.

Property investment and retirement are beyond question connected. A clever attitude in planning for a wise investment strategy is when you “Begin with an end in mind.” Simply put, start thinking about your future and do something now that ultimately give you a rewarding end. What you do now, creates a big impact on what will happen to your retirement years in the future.

A better attitude in planning for a wise investment strategy for retirement is to always begin with an end in mind. Retirement doesn’t make sense now but it will so, invest now and be secure later.

A better attitude in planning for a wise investment strategy for retirement is to always begin with an end in mind. Invest now and be secure later. Take advantage of the recent housing market conditions. Allow Virginia Homes for Sale to help you discover the best Suffolk Virginia Homes to invest.

How To Buy A Property – Tips On Inspecting Properties

The first thing you need to do is to avoid any big surprises if you might be taking into consideration a brand new real estate purchase, hence getting a specialized inspector for properties could reduce a lot of the unwanted surprises about your prospective residence early in the home buying process.

Always remember, though that you’re not necessary to conduct an actual home examination prior to the signing the preliminary contract, thus it is probably best to understand as much as possible about the condition of the property through an straightforward discussion with the seller and also performing your own ‘mini’ inspection by which you could check for standard structural defects or potential problems.

Many sellers will probably be open to having you check the house before you sign the preliminary contract, and this gives you a leveraging influence while bargaining the sales cost. The book ‘Smart Consumer’s Guide to Home Buying’ (Barron) really encourages all potential homebuyers to put together a checklist and note every problem and areas of concern before the contract signing. “If you are thinking about buying a house that will need renovation or upgrading, the more value will be derived from your mini-inspection,” explains the authors of the book.

Think about creating an inspection list for a property inspection survey in order to carry out a thorough of the property and also note down the appearance and overall condition of the said real estate. Here are some crucial areas to cover:

Find out about how old the home is – you will want to ask the seller specifically when the house was built, how many times the property has been renovated, and check if there are any architect or engineering plans on hand.

Check out the groundwork for potential problems – check for significant cracks or visible water conditions in the property or in the basement. Ask concerning flooding and issues that are weather-related which have taken their toll on the property in previous seasons.

Examine the interior for potential problems and other damages – you’ll have to make sure that the doorways are functioning properly and also that all the rooms’ walls and partitions are flat, even and free of cracks. Take note of anything that may have to be repaired immediately and make sure you also take pictures of potential problems that particularly needs repair. You’ll have to check for problems of odor or molds and ensure all water entry areas are crystal clear and working.

Check out the external details of the house for damages and potential problems – do all the doors and windows have sufficient insulation? Are they functioning well? Make sure the doors and windows don’t have breaks as well as any noticeable damages.

Review heaters and air conditioning appliances – inquire regarding the average cooling and/or heating costs over a year, and also find out how long it has been since the appliances were installed. Sometimes, you may need to get a new heat and air conditioning appliances.

Aside from the actual examination survey report, you may consider taking images and also short video clips with a digicam so you can go over the actual inspection in more detail at a later date. The extra footage might provide you an upper hand during the negotiation process with the sales agent.

About the Author: Alexandria P. Anderson is a Minnesota Real Estate agent that helps people to find and purchase Condos in Minnesota and other properties in the Twin Cities of Minneapolis and St. Paul.