Are Fannie mae Homepath loans as picky as FHA to be approved?
I heard FHA has a lot of requirements, like the house must have a stove (also I think it needs a working heater?)
What about Fannie Mae? are they as picky to close with a homepath loan on one of their foreclosures?
Also do you know where I can get a list of what the house must have installed, be in working order, ect. for the loan to be approved for both FHA and Fannie Mae? (I tried a search on google, and could not find it, but maybe I need better keywords. I'm not used to real estate terms)
Thanks in advance
The house is a Fannie Mae REO.
I am looking for a site that says if it would pass, but for a list of the requirements it must have to pass.
- Anonymous1 decade agoFavorite Answer
FHA does not require the property have appliances, those are considered personal property depending on how they are affixed. What FHA does have are guidelines for habitability. All utilities must function properly, all windows, roof, basement must function. Or you could consider a 203k FHA loan program to fix certain things.
Fannie Mae's mortgage will require an FHA inspection, and their loan products tend to have higher interest rates, but they will deal with poor credit.
There are not websites that tell you whether a property will pass an FHA inspection.
- 1 decade ago
HomePath financing is only available on eligible Fannie Mae REO -- to see a list, go to www.homepath.com. One of the major advantages of HomePath financing is that it does not require an appraisal -- as such, the property is financable regardless of whether it has a stove, water heater, etc. However, most of the properties that Fannie Mae has that are eligible for HomePath Mortgage financing are in decent, livable condition. HomePath Renovation Mortgage -- another type of financing available on Fannie Mae REO -- allows the buyer to take out additional funds to make repairs that will "add value to the property". That financing does require an appraisal but missing stove, etc. shouldn't hold up getting the financing.
- livengoodLv 43 years ago
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