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

June 25, 2011 By

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 www.HomePath.com 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 www.homepath.com. 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.

Filed Under: Chandler Homes, Credit, First Time Home Buyers, Gilbert Homes, Mesa homes for sale, Mesa real estate, Phoenix Bank Owned, Phoenix Housing Market, Primary Feature, Search Arizona Foreclosures, Tempe Homes Tagged With: , , , , , , , , , , , , , , , , , , , , , , ,

Why It Is Smarter To Choose Real Estate Investments Than Stock Investment

November 19, 2010 By

If you are only given a time machine and time gives you the chance to invest in stocks like Apple and Google at their infancy, the you would surely just be counting your millions today. Finding stocks today that show promise is definitely possible but you can never know for certain. Instead of investing all your wealth into stocks, one great and excellent alternative would be to invest in real estate.

Generate wealth faster with real estate

You should never let yourself be trapped into the useless thinking that there is no need for you to invest in real estate so long as you find that one real stock that can earn you a good fortune. Unlike the stocks, you can easily live in a home that you have purchased through mortgage loans, which can allow you to benefit even more. Real estate values not only increase faster than stocks in some instances but there are also more financial benefits in the long run.

However, there is no denying that stocks should definitely be part of your investment portfolio as you never want to tie up all your money into just one asset. By spreading your money into different investments, you will be able to reduce your risks, just in case something unpredictable happens. While these uncertainties are very impossible for anyone to predict, having a great home will be able to build a lasting wealth for your future.

Advantages of Owning a Real Estate Property

A major component that contributes to building wealth and any investment expert will agree on is that owning a real estate property is a must. So, if you are currently just renting an apartment, you have to realize that the money you spend every month for the rent can be put together and get you a house of your own. While the current economic crisis is far from over, finding a mortgage loan that meets your needs is easier than you think.

The best part about owning property is the tax breaks that you can take advantage of. You can truly write off interest and those property taxes from your income tax, and save some thousands of dollars every single year. And if you decide to sell your home, profits up to $250,000 are tax free. Indeed, you can just never find anything like this type of financial benefits with those stocks and bonds.

Would you want to know about the newest on Lincoln Park chicago apartments ? Subsequently just click apartments for rent in Lincoln Park chicago .

Filed Under: Investing, Related News Tagged With: ,

Dealing With Foreclosure Understanding The Process So You Are Aware Of Your Rights

November 16, 2010 By

There are many reasons why homes go into foreclosure. Dealing with foreclosure is going to be difficult no matter what the cause. So if you’re facing a foreclosure it’s crucial that you understand as much as possible about the process and what your options are.

Why do homes go into foreclosure?

When a homeowner is late with a certain number of payments or stops making payments, the lender has the right to start the foreclosure process, depending on the terms of the mortgage agreement. It’s a good idea to be aware of what this “magic” number is so you can do whatever is necessary to avoid reaching it.

How long can homeowners remain in their homes once they go into foreclosure?

The law varies from state to state, so there is no set rule. In some states, homeowners can remain in the home for about a year. But in other states, the time frame may be as short as a few months. And in reality, there are some homeowners who don’t move out even when their home has gone into foreclosure. In that case, they may decide to wait for an eviction notice before leaving.

What are redemption laws and what is a period of redemption?

When a home is foreclosed upon, many states allow a set period of time where the homeowner can repay any overdue payments on the mortgage. This is a redemption law and what it means is that the homeowner is able to reclaim his property if he meets the conditions set out. These conditions include repaying all monies owed within a specific time frame. It’s even possible to use the redemption law to reclaim a home that has been sold at auction.

What is meant by short sale and how does it work?

With a short sale what happens is that the property is sold but the net gain is less than the total amount owed. The lender though agrees to take the lesser amount. But, in some cases, the seller may still be on the hook for the difference between the total owed and the proceeds of the short sale. The advantage to the seller is that the foreclosure won’t show up on their credit report. The disadvantage is that you have to pay the difference, even though you’ve sold your home.

What is deed-in-lieu of foreclosure?

In this case the homeowner agrees to give the lender the deed to the house. In return the lender forgives the mortgage and cancels the foreclosure proceeding. You should be aware that this type of agreement will affect your credit to pretty much the same extent as a regular foreclosure.

Being informed may help when you are dealing with foreclosure, so you are able to decide on your best options.

If you’re dealing with foreclosure learn about 6 practical steps you can take to avoid foreclosure. If it’s too late for that, find out how to stop a foreclosure by going to http://getforeclosurefacts.com

Filed Under: Investing, Related News Tagged With: , , , , , , , , , , , , , ,

Best Methods To Invest In Property

November 16, 2010 By

So you have some money you want to invest and do not know where to invest it. You should invest in property or at least give it some thought. There are a variety of properties that you are able to purchase and earn profit from.

One of the most popular and affordable type of property to invest in is a single family home. With this type of property you can buy it for the sole purpose of improving it and reselling it for a higher value than what you purchased it for. You can also lease it out and obtain an extra source of income each month you have a tenant living there.

Another form of investment is multi family homes. With this type of property you can have several tenants all living in one building. Apartments, townhouses, and duplex fall under the multi family home category. You are able to have a source of income even when one tenant moves out, since you still have other tenants living in the other units.

Vacation homes or condos are also a great investment. These type of properties can be leased out on a daily, weekly or even monthly basis. A one week leasing fee for a vacation home is usually the same or even more than what renting a single family home for a month would be.

Commercial property might be a bit more expensive but can also be profitable. When you purchase a commercial land you can build a plaza of commercial offices or spaces. Businesses that are just starting out and do not have all the necessary funds to start their business with, can rent your office space.

Land is a different type of property investment that can produce profits. This type of investment will not begin to produce profits as quickly as the others would. Many people who purchase extra land see this as a savings account. Land can go up in value, especially once other buildings have been built in its surrounding. You can later resell the land at a much higher price than you originally paid for.

When you are thinking about investing then real estate could be one way to go. If you invest in property you can begin to start earning great profits. Depending on the type of property you purchase, you can earn profit daily, weekly or even monthly.

Searching all over the web for fab Overseas Property Investment opportunities? Get the low down now in our How to Invest in Property overview.

Filed Under: Investing, Related News Tagged With: ,

The Perfect Vacation Home: How To Search For One

November 14, 2010 By

If you take time to compare, it would be easier for you to become aware that buying a vacation house is more affordable at present that it was several years ago. When five years ago, you thought that purchasing a vacation home in a very nice location like somewhere around beaches is an impossible dream to obtain, things have been quite different in greater dimensions at present. Beach houses for sale listings are flooded with a wide variety of choices. From simple beachfront properties to luxury country club vacation homes, for sure there’s absolutely something that you can get for yourself.

While it’s true that buying a vacation homes isn’t anymore an impossible dream, it is always important that you take the fundamental steps to avoid the likelihood of your dream turning to be a financial obstacle in the long run. This article will give you with some insights on what necessary guidelines you need to concentrate on when purchasing your dream home. This is to make certain that you do not straw away from the safe side since real estate investment is something that requires big amount of money and failure means having to face the fruits of the wrong actions for a long time.

Estimate all the necessary expenses.

Make sure that you have spent sufficient time estimating all costs that would be spent on insurance, basic utilities, maintenance and other dues. Check out possible repairs that may be required as well as needed updates before you sign the agreement contract or even verbal closing of deal with the current owner of the vacation home.

Pay attention and make careful decisions regarding special matters.

Location is always the top concern when looking to purchase a vacation home. If you would like to be part of the wonderful community of Beach real estate, it’s vital that you make sure that the qualities of the city is what you are truly in search for. This is to make sure that you would not be deprived of the recreational activities that you want to enjoy as well as the economic pleasures that you want to benefit from the location of your next home. While it is true that you have nothing to complain from all the good things that this awesome place can offer to all kinds of individuals, still it is necessary that you do not neglect checking on this area as well.

Organize your finances.

This is a big investment, so it’s necessary that you ensure everything in your financial stability is well ironed completely. You need to check your credit report, get all your loan documents and insurance information and make sure that they’re properly organized before you contact a realtor. This is something that you need to consider before you start looking for a house in the area of your dreams. Work on your way to pre-qualifying for a loan as it can make your search easier. Always remember this is a huge investment so you have to be careful and logical about every matter concerning this purchase.

Another great article by Helen Dinger Real Estate, Junction, Realtors This article, The Perfect Vacation Home: How To Search For One is available for free reprint.

Filed Under: Investing, Related News Tagged With: , , , , , , , ,
Next Page»