Move lawsuit against Zillow clears contempt hurdle with settlement

Move lawsuit against Zillow clears contempt hurdle with settlement

Move declares "full steam ahead" in prosecution

Twitter roundup of this week's top housing articles

CFPB heads up the list

Shaky housing market about to get even shakier

When will we all stop kidding ourselves?
W S
Investments

Fannie Mae offers new suite of HomePath financing

Goodbye HomePath Mortgage and HomePath Renovation

Fannie Mae
/ Print / Reprints /
| Share More
/ Text Size+

On October 7, 2014, government-sponsored enterprise Fannie Mae will retire its HomePath Mortgage and HomePath Renovation Mortgage products.

HomePath is the platform for liquidating Fannie Mae real estate owned properties.

In the updated selling guide, Fannie Mae recently announced three financing “flexibilities” for investing in Fannie Mae-owned properties.

Here are those three new financing flexibilities:

1. Interested Party Contributions (IPCs):

For principal residences with LTV/CLTVs greater than 90%, Fannie Mae allows up to 6% interested party contributions (rather than the 3% standard per the Selling Guide).

2. Multiple Financed Properties:

For borrowers owning 5-10 financed properties, a maximum LTV/CLTV ratio of 75% for 2-4 unit investment properties is permitted (rather than the standard 70% per the Selling Guide) on fixed rate mortgage transactions only. LTV/CLTV ratio limits for ARM transactions and High Balance Loans are per the Selling Guide. All other eligibility requirements for borrowers with Multiple Financed Properties continue to apply.

3. Resale Restrictions:

In the event the mortgaged property is subject to any resale restriction imposed by Fannie Mae as the property seller, the mortgage is eligible for sale to Fannie Mae, notwithstanding any Selling Guide restrictions on properties subject to resale restrictions.

Recent Articles by Jacob Gaffney

Comments powered by Disqus