Comments on: HomePath Mortgage Loan: No Appraisal Required

By: Homebuyer

Homebuyer — Thu, 18 Mar 2010 02:08:02 +0000

If you get your own appraisal on a homepath property and the appraised value is less than what you offered, do you have options to renegotiate or reject the property based on your appraisal? Thanks.

By: Justin McHood

Justin McHood — Wed, 22 Jul 2009 22:49:37 +0000

@Elaine,

Thanks for stopping by!

The only properties that are eligible for the HomePath loan program are already currently owned by Fannie Mae, so they already “know” what the property is worth.

And since effectively, Fannie Mae is both the seller and the lender – there is really no abnormal risk that I can see.

Hope this helps!

Justin

By: Elaine

Elaine — Wed, 22 Jul 2009 22:43:19 +0000

How does this work? Wouldn’t the LENDER want an appraisal to know that the property was worth the money they were lending? Is that why there are only a limited number of lenders available under this program?

By: traveling backpack

traveling backpack — Tue, 19 May 2009 14:51:26 +0000

Thanks very much for your interesting post. Will be back in the future.

By: Justin

Justin — Mon, 18 May 2009 16:20:28 +0000

@MerrY,

Thanks!

By: MerrY

MerrY — Sat, 16 May 2009 14:31:52 +0000

I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.