Do HUD homes qualify for HomePath? Do HUD homes have liens? (foreclosures, agent)
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I'm trying to find a property that I'll live in for 6 months or more and then turn into an investment property. I've found one I like that is owned by HUD. Does this qualify for the HomePath lending program? I've seen references that it does online but not from great sources.
Also, are HUD properties free of liens or could they be subject to liens like other properties? Any advice you have would be appreciated. Thanks.
HomePath mortgages are available on most, but not all, Fannie Mae REO properties. I have heard that some other REO qualify for HomePath mortgages, but I have not seen any.
The listings comments clearly state "qualifies for HomePath and HomePath Renovation Mortgage". Your agent should be able to search the MLS for these properties for you.
HomePath financing -- there are two types, HomePath Mortgage and HomePath Renovation mortgage is only availble on properties that are owned by Fannie Mae. A listing of all Fannie Mae properties that are listed for sale can be found at Fannie Mae REO Homes For Sale - HomePath.com. Property listings may have a logo next to them -- that is the identifier as to what is eligible for financing.
The best source for finding properties that are eligible for HomePath financing is on HomePath.com - it's completely free and the most current information on what Fannie Mae has for sale.
Last edited by GloverParker; 08-02-2011 at 01:00 PM..
I'm applying for one right now and I think I was confused and thinking the titles are clear on these. But now I think I confused the homepath plan with the HUD foreclosures which are a clear title (as stated above).
So with homepath, is there the chance the title is not clear? I'm new to this and I will work with my Realtor on these questions, but I'm guessing that there are ways to check the title on a property and check tax status and association status before committing to a contract. Am I off the mark?
With Fannie Mae owned properties, you will close with a clear title and you will be required to take title insurance. Fannie Mae generally tried to ensure that the title is clear before listing but that doesn't always happen -- however you cannot go to closing until the title is clear for sale so sometimes closings are held up if clearing title is more complicated than expected.
Sounds great, thanks. I'm in good shape, as I've negotiated with my LL for the ability to break the lease with no consequence as long as I give him 60 days notice. So I've got plenty of time. Its nice to be able to do this and not be rushed.
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