Alternative to homepath loans?

You are correct that the HOMEPATH lending option is currently off the table. Fannie Mae still plans to keep the HOMEPATH website for listing their REO properties.(I spoke with them regarding this 3 weeks ago). You are still able to purchase HOMEPATH properties using standard Fannie Mae or even Freddie Mac financing. Please let me know if I can be of any further assistance or answer any other questions you may have. Clyde Penton NMLS#979755 Bank of England 404.604.7013

HOMEPATH just recently went away... It really wasn't anything too special anyway, so it isn't much of a loss. The fact a home for sale is bank owned really doesn't mean anything in and of itself. Where potential issues come is the condition of the house. Talk to a local mortgage broker in your area about what programs you may qualify for, and the condition of any house you are looking to purchase. In MN, WI, and SD, visit www.MNHomesAndLoans.com

There are rehab loan products out there.. One is the FHA 203K, but your $300K range would be above FHA maximums.. and then there's the HomeStyle renovation loan. This is a conventional loan product and the maximum loan amount would be $417K, so it's within your range.. the problem that I've seen with this type of loan when it comes to putting an offer on a bank owned property, is that because your financing, and using this rehab loan product, your offer will take a back seat to any cash offers or anyone looking to do a purchase using standard financing. In reality, there's no difference in the end.. the seller get's their money upon close, and the closing typically will still be within 30 days, but the asset manager in charge of liquidating that particular property might not be familiar with this renovation loan, and might shy away from considering your offer. For this reason, it's best you contact a local mortgage broker (not a bank) who is familiar with the HomeStyle renovation loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com