Homepath Financing Elimination
Fannie Mae has announced the discountinuance of special financing options for properties listed for sale at www.homepath.com. More specifically the homepath financing and homepath renovation financing products for both home buyers and investors. In order to take advantage of these programs with the current enhancements there must be a fully executed purchase contract dated on or before October 6, 2014.
Don’t worry we have lots of other options for home buyers and investors! For buyer looking for low money down options check out Rural Development for example. Got repairs? Well we have renovation programs for everyone including investors.
At the end of the day the elimination of these programs is a good single that things are looking up for the real estate market and that’s great news!
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HOW TO PROTECT YOUR MORTGAGE RATE WHEN CLOSING GETS DELAYED
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Are you under contract on a home with an expiring rate lock? Need a rate lock extension?
Yesterday, a buyer called me in a total panic. They locked in their mortgage interest rate 30 days ago while shopping for a home near the Westwood neighborhood. Everything moved along fine until the seller asked to push closing back by ten days to finish clearing out their garage.
The buyer asked me, “Jeremy, if our rate lock expires before we close, will our interest rate jump up? Will our monthly payment go through the roof?”
I told them straight up: “Take a deep breath! An expiring rate lock will not ruin your deal, and you will not lose your low rate!”