Fannie Mae Announces Plan to Discontinue HomePath Product
Effective October 7, 2014, Fannie Mae is retiring the HomePath Mortgage (HPM) and HomePath Renovation Mortgage (HPRM) products as we know them currently.
HomePath and HomePath Renovation purchase agreements must be fully executed by 10/06/2014 and must include all HomePath and HomePath Renovation contract attachments and addendums. HomePath and HomePath Renovation listing details will not be available for print after 10/06/2014.
We are in the process of determining application, lock and delivery cutoff dates for FIMC Custom HomePath product and will communicate these important dates in the very near future when finalized.
We will be watching for individual investor announcements and will communicate the investor-specific HomePath cutoff dates as we learn of them.
As of 10/07/2014, we no longer have Fannie Mae authorization to use or distribute the HomePath or HomePath Renovation logos in any advertisement, marketing piece, product matrix, guideline or in any other form.
After 10/06/2014, HomePath will be defined simply as Fannie Mae REO property eligible for resale and no longer associated to a specific program.
After 10/06/2014, Fannie Mae REO purchases are subject to standard Selling Guide requirements except for the following three benefits that will remain exclusive to Fannie Mae REO resales:
Interested Party Contributions (IPCs): For principal residences with LTV/CLTVs greater than 90%, interested party contributions are eligible to 6% (versus the standard 3% per the Selling Guide).
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. All other eligibility requirements for borrowers with Multiple Financed Properties continue to apply.
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.
Fannie Mae Announces Plan to Discontinue HomePath Product
Effective October 7, 2014, Fannie Mae is retiring the HomePath Mortgage (HPM) and HomePath Renovation Mortgage (HPRM) products as we know them currently.
HomePath and HomePath Renovation purchase agreements must be fully executed by 10/06/2014 and must include all HomePath and HomePath Renovation contract attachments and addendums. HomePath and HomePath Renovation listing details will not be available for print after 10/06/2014.
We are in the process of determining application, lock and delivery cutoff dates for FIMC Custom HomePath product and will communicate these important dates in the very near future when finalized.
We will be watching for individual investor announcements and will communicate the investor-specific HomePath cutoff dates as we learn of them.
As of 10/07/2014, we no longer have Fannie Mae authorization to use or distribute the HomePath or HomePath Renovation logos in any advertisement, marketing piece, product matrix, guideline or in any other form.
After 10/06/2014, HomePath will be defined simply as Fannie Mae REO property eligible for resale and no longer associated to a specific program.
After 10/06/2014, Fannie Mae REO purchases are subject to standard Selling Guide requirements except for the following three benefits that will remain exclusive to Fannie Mae REO resales:
Interested Party Contributions (IPCs): For principal residences with LTV/CLTVs greater than 90%, interested party contributions are eligible to 6% (versus the standard 3% per the Selling Guide).
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. All other eligibility requirements for borrowers with Multiple Financed Properties continue to apply.
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.
Residential Real Estate Broker · Bremerton, WA · Member since 2013 · 494 posts · 142 votes
12y
This is my understanding. I wouldn't be surprised if they introduced something similar. @Hattie Dizmond post states as much as I have heard so far. Would love to hear if anyone knows anything else?
Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
12y
There are no current plan to introduce a similar program. I suspect the reason being that the volume based need &/or publicity around the Fannie/Freddie REO's has lessened significantly. It's more likely they will revive some flexible financing options around REO's, but there are currently no published plans to do so. My previous post is all they are saying for now.