Fannie Mae (FNMA) has announced the termination of the HomePath and HomePath Renovation programs effective with purchase contracts dated after October 6, 2014. On October 7, 2014, FNMA properties will no longer be listed as eligible for HomePath financing. HomePath and HomePath Renovation loans originated prior to October 7, 2014 can still be sold to FNMA providing the:
- Purchase Contract was executed on or before October 6, 2014
- Loan file contains a copy of the property Listing Details page from www.homepath.com with the HomePath or HomePath Renovation Mortgage logo
- Real Estate Purchase Addendum reflecting the selection of HomePath Mortgage or HomePath Renovation Mortgage financing may be used in lieu of the printed Listing Details page
- Loan is purchased by FNMA on or before March 31, 2015
FNMA will update the Selling Guide at a later date offering some flexibility for financing the purchase of FNMA REO properties.
Contact a lender today to still take advantage of HomePath or HomePath Renovation financing before it’s too late.