Form Homepath PDF Details

Understanding the intricacies of the HomePath form is essential for prospective buyers navigating the complexities of purchasing a HomePath property. This document serves as a pivotal guide, detailing the HomePath Program by Fannie Mae, which offers properties for sale that are owned by the organization. A fundamental aspect highlighted within the form is the appraisal process, which diverges from traditional property buying practices. The form instructs lenders to determine the property's value exclusively based on its sale price for loan approval and underwriting purposes, yet it simultaneously emphasizes the buyer's option—and indeed it is strongly recommended—to obtain an independent appraisal. This ensures the buyer gains a comprehensive understanding of the property's market value, albeit such appraisal costs are borne by the buyer and intentionally excluded from the loan transaction. Additionally, the form delineates protocols regarding the transfer of title, explicitly stating that Fannie Mae will provide a quitclaim deed which merely relinquishes their claim without asserting the absence of other liens or claims, thereby suggesting the acquisition of an owner's title insurance policy. Further caution is advised regarding home inspections; no representations or warranties are made by Fannie Mae about the property condition, propelling buyers towards securing inspections at their own expense for informational purposes only. A crucial element to note is that any information derived from appraisals or inspections cannot be utilized by lenders in the loan transaction process for purchasing the HomePath property but may be shared with Fannie Mae. This comprehensive briefing mandates acknowledgement from buyers, confirming receipt of these guidelines well in advance of loan closing, underscoring the criticality of understanding every facet of these stipulations before progressing with a HomePath property acquisition.

QuestionAnswer
Form NameForm Homepath
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other nameshomepath appraisal mae, homepath information obtained, form regarding appraisals blank, homepath information obtained get

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Notice to HOMEPATH® Program Buyers Regarding Appraisals

FORM 10

Application/Loan number:

Buyer Name:

Buyer Name:

HomePath Property Address:

City, state, zip:

Lender:

The HomePath® property identified above is currently owned by Fannie Mae, and is being offered for sale through the Fannie Mae HomePath program. Under the HomePath program, Lenders are instructed to rely only on the sale price of the HomePath property in determining the value of the property for underwriting and loan approval purposes.

The Buyer may obtain an appraisal on the HomePath property, and the Lender strongly recommends that Buyer obtain an appraisal in order to acquire an independent value of the HomePath property. However, the Buyer must order the appraisal from an appraiser they select and the appraisal must be paid for by the Buyer outside of the loan transaction. Lenders and/or brokers may not request a copy of any appraisal obtained by the Buyer in connection with a HomePath purchase, and lenders will not accept a copy of any appraisal obtained by a Buyer for a HomePath property. Any appraisal obtained by the Buyer on a HomePath property is for the use and information of the Buyer only, and will not be considered by lenders for any purposes on the loan transaction related to the purchase of the HomePath property. However, the Buyer may provide the appraisal or information contained in the appraisal to Fannie Mae. The only property value that will be used for purposes of any loan made with regard to the HomePath property is the sales price as evidenced by the sales contract between Buyer(s) and Fannie Mae.

Notice Regarding Transfer of Title on HomePath Properties

Upon the purchase of a HomePath property, Fannie Mae will execute a quitclaim deed to transfer title of the property to you. This deed only releases Fannie Mae's claim to the property and provides no guarantee that the title is free of other liens or claims. The Lender strongly recommends that you purchase an owner's title insurance policy to protect you against other claims to the property.

Notice Regarding Home Inspections

In considering the purchase of a HomePath property, you should be aware that Fannie Mae will not make any representations or warranties regarding the condition of the property. The Lender strongly recommends that you obtain a home inspection from a qualified inspector prior to purchasing a HomePath property. However, the Buyer must order the home inspection from an inspector they select and the home inspection must be paid for by the Buyer outside of the loan transaction. Any home inspection obtained by the Buyer on a HomePath property is for the use and information of the Buyer only, and will not be considered by lenders for any purposes on the loan transaction related to the purchase of the HomePath property. The Fannie Mae Real Estate Purchase Addendum contains a number of limitations regarding your ability to obtain an inspection and object to the condition of the property-please review this Addendum thoroughly before signing it.

Buyer(s) hereby acknowledge(s) receipt of this Notice and agrees to the conditions stated above with regard to the application, underwriting or approval of any loan related to the HomePath property.

By signing below, you acknowledge that you received this disclosure in ample time, but in no event less than five business days prior to your loan closing, to take action on the information in this disclosure if desired.

Buyer

Date

 

 

Buyer

Date

Last Updated: October 2013

Form 10 - Page 1

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