HomePath homes in Arizona
Fannie Mae program designed to cut inventory concerns some
PHOENIX - Faced with a large inventory of empty homes, Fannie Mae has a program aimed at selling its foreclosed homes.
The program, HomePath , allows potential buyers to put down as little as 3-percent, but some believe the plan could actually lead to more foreclosures down the road.
"If you don't put 10-percent or even 20-percent and only put 3-percent down and the market goes down 50-percent and you're in it (house) for $5,000 it's a little easier to walk away from the investment," said Valley Realtor Stanley Fosha.
According to the HomePath website , there are 6,975 HomePath homes in Arizona with 1,610 in the city of Phoenix.
The Fannie Mae program also allows potential buyers to use gifts from family members, or a loan from a non-profit or government to be used at the down payment.
"Their (Fannie Mae) target audience is first time homebuyers," said Fosha while standing in front of a Fannie Mae owned home in Central Phoenix. "We know they've got a lot of inventory to work through."
The program also allows people with lower credit scores to qualify for the homes, which Fosha called concerning.
"We've gotten away from the homeowner having to bring anything to the table," said Fosha. "Traditionally homebuyers have been forced to make tough decisions and save up money, but this program doesn't require that."
Fosha does admit the Fannie Mae program has an upside.
"With the program, there's the ability to get people in the house and get the house off the market which is great for the market, it could stabilize the market, but when it comes to these Fannie Mae homes, you look in any neighborhood and what's the lowest price, the Fannie Mae owned home."
According to its website , the HomePath homes are sold "as-is", however, Fannie Mae offers a HomePath Renovation Mortgage plan that will fund the purchase of the home along with some renovation plans.
To learn more about the program, click here . http://www.homepath.com/
http://www.abc15.com/dpp/money/real_estate_news/fannie-mae-program-designed-to-cut-inventory-concerns-some
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