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.

Best Phoenix Real Estate Rental Investment Areas

Get the best bang for your investment buck with Phoenix real estate…

Right now veteran and novice investors alike from all over the World are flocking to Phoenix for real estate opportunities and heavily focusing in the East and West Valley cities for obvious reasons. Phoenix real estate has suffered some of the greatest drops in price since the real estate housing bubble burst.  Plus, there are not too many places in the US where you can buy a fairly new home for well under 100K and not have to shovel snow six months of the year and where people want to live, investors want to own. Great real estate values, rock bottom pricing, in a very desirable area where hundreds of people relocate to daily creates the perfect storm for real estate investors in Arizona.

Looking for Phoenix real estate investment rentals?

I recently inquired with one of the property managers I know that works with a ton of investors and asked him what areas he recommends as far as the best Phoenix real estate rental opportunities are concerned, he replied;

For West Valley Cities, we have found that, Goodyear, Litchfield Park, Avondale and Surprise pull the higher rents and have the less vacancy time. Be careful with El Mirage.

As for the East Valley Cities, we highly recommend!

The cities that do really well are:

Chandler, Gilbert, Tempe, Mesa, and even Queen Creek

We are renting homes on the East side very fast. Typically the rents are about $100 more for the same size home on the East side vs. West side.  To pull those kind of rents, I would recommend 4 bedroom homes.

Chandler and Gilbert have proven to pull the highest rents for us.

Phoenix real estate foreclosures offer investors great values!

Phoenix real estate is one of the best opportunities in the US to invest in.  Foreclosure properties are abundant with newly listed single family homes, condos and multi-dwellings hitting the market daily at extremely competitive pricing. Please contact us for more information on investing in Phoenix real estate.

Phoenix Real Estate Investing

Click here to receive your FREE exclusive list of Arizona bank owned and distressed homes

Happy New Year from the HomeStyle Team!

2011 is shaping up to be a great year for Phoenix real estate!

Phoenix real estate in 2011
Can you believe it? Another year has come and gone again – Time is really flying by. While 201o involved emotions running high for many Phoenix area homeowners there were plenty of great real estate deals to be had by first-time home buyers and investors alike. There is a sort of a ying and yang to it all I guess.

Phoenix real estate still in high demand

While Arizona is not experiencing the same growth rate it did for the last two decades, Arizona and the Phoenix-Metro area especially is still a top destination for travelers and tourism, winter vacation homes (snowbirds) pulling residents from Canada, and Northern, Midwest and East Coast states, retirees, investors and over 293 people moving to Arizona every day looking to take advantage of a warm sunny climate, high standard of living and affordable housing.

2011 will continue where 2010 left off an be a great time to buy Phoenix real estate

With steady employment and a solid credit rating there is no better time to buy into the Phoenix real estate market. I spoke with a client today that did not qualify one year ago and worked on his credit and now called me up and said, “Hey…I’m ready to buy a home now.”  During times of economic distress many Americans will experience blemishes on their credit. The thing to remember is like with most anything, time can heal it. As a New Years resolution if you are planning on buying home within the next year or so and want to start putting together an action plan feel free to contact us as we have great referrals that can help.

That being said, we are going to kick of 2011 with our 11 Steps to Buying a Phoenix Home Series that will touch briefly on everything from cleaning up or establishing credit, obtaining a home loan, finding a Realtor, the home search, writing an offer, inspection phase, through the real estate transaction and closing.

Happy New Year and Best Wishes for 2011!!

*Click here for Phoenix real estate foreclosure MLS listings

Phoenix-Metro Rated in Top 5 Sunny Cities To Watch in 2011

Phoenix-Metro Real Estate Recently Rated #2 in 5 Sunniest Cities To Watch in 2011 in Investopedia–a Forbes digital publication.

Phoenix-Metro real estate in sunny Arizona
One thing is for sure and that is Phoenix-Metro real estate has some of the best real estate deals in the US from both an investors standpoint and opportunities available to owner-occupied and/or first-time home buyers.

Phoenix-Metro Real Estate Offers a High Standard of Living

On average 293 people move to Arizona everyday for business opportunities, warm climate and low-cost housing. Golf courses and a plethora of dinning, shopping and entertainment venues native to upscale locations such as Scottsdale also keep Phoenix-Metro Arizona as a great place to visit or own an affordable vacation getaway.

Phoenix-Metro Real Estate is Popular Among Snowbirds

Phoenix-Metro is a popular destination for retirees and other Midwest, Northern and East Coast relocates as well as Canadians looking to get out of the harsh winter climates either seasonally (snowbirds as we like to call them) or as year-round residents.

In a recent Investopedia article, Ryan Fuhrman, sited Phoenix as one of 5 sunny cities to watch in 2011, stating;

Given that they were among the hardest hit, they could see quicker recoveries that also build steam in the next couple of years. They share some positive characteristics, including sunny locales that retirees find popular, and all were benefiting from a general population migration to warmer climates from colder ones in the northern parts of the country.

Whether your a snowbird, year-round resident, retiree, Midwest transplant, investor or an Arizona native the Phoenix-Metro real estate housing market has a lot of low-cost housing opportunities to take advantage of now and to come in 2011.

Click here for Phoenix-Metro real estate foreclosures by city

Investing In Pre Foreclosure Homes

Land in pre foreclosure provide a good opportunity for real estate property investors If you have the fortitude to go through the process, buying a pre foreclosure has numbers advantages over other types of investment properties When an owner of a potential investment property is in pre foreclosure, they are extremely motivated to sell, are often willing to take an extremely low offer just to be rid of the property. This often results in a significant opportunity for the buyer. The only challenge is getting the bank to accept the offer to purchase instead of foreclosing on the home

The lender that owns the note on a property facing pre foreclosure have a much different view on the opportunity.Essentially they are in a lose lose situation and will evaluate sales offers based upon what will minimize their losses. If a property owner has put the property into pre foreclosure by not paying on the mortgage, it is still up to the buyer to demonstrate that by allowing the sale to go through, the bank will minimize their losses.

Because of this fact, investors that purchase homes in pre foreclosure often put together full short sale packages to provide to the bank. They get to know the loss mitigation agent of the bank that owns the property, and learn what is needed by the bank to complete the transaction.

Many investors find people to help them get started when buying pre foreclosures While this is not necessary for the periodic investor, it does have a visible benefit for the novice real estate investors.

Aside from market factors, the pre foreclosure market is a great way to get a good bargain on an investment property Just know that there are a number of little details that will determine your overall level of success.

Depending on your investment goals, there is no end to the number of investing resources available to you. It is just up to you to get started.

To find out more about how to profit from pre foreclosure click on our Real Estate Investment Website today. Along with to investment tools, real estate investors receive our free real estate software, a ninety-nine dollar value.