Houses for Sale in San Diego has more specific details for you regarding purchasing houses for sale in San Diego with Fannie Mae’s HomePath® program. Fannie Mae began as a federal agency in 1938. In 1968 Fannie Mae was chartered by Congress and private shareholders then owned the company. On September 6, 2008, Director James Lockhart of the Federal Housing Finance Agency (FHFA) appointed the FHFA as conservator of Fannie Mae. Fannie Mae operates in the secondary mortgage market and works with mortgage bankers and brokers to ensure they have funds to lend to homebuyers at affordable rates. Although Fannie Mae does not provide loans directly to homebuyers, Fannie Mae does provide the funds for many mortgage loans by buying the loans from the original lending institutions.
The U.S. Department of the Treasury has agreed to provide Fannie Mae with up to $200 billion in capital to help Fannie Mae succeed in its mission to provide liquidity, stability, and affordability to the U.S. housing and mortgage markets and help homeowners avoid foreclosure. However, due to the economic challenges our country has been facing, millions of homeowners have lost their homes to foreclosure. Last year in San Diego thousands of owners lost their San Diego homes to foreclosure.
Fannie Mae is utilizing the HomePath® program to sell properties in which it is the investor and has acquired through foreclosure, deed in lieu of foreclosure, or forfeiture. The HomePath® listings include single family homes, condominiums, and townhouses in a variety of neighborhoods, price ranges, and conditions. A search of houses for sale in San Diego on the HomePath® website returned a list of 367 San Diego properties. Approximately half of the homes listed are under contract, but that still leaves a wide range of properties in which you may be interested.
The houses for sale in San Diego range from as far south as properties in San Ysidro, National City, Imperial Beach, and Chula Vista up to homes for sale in La Jolla and Poway and also include San Diego properties as far north as Carlsbad and Oceanside.
There are also many San Diego homes for sale in the eastern and northern regions. There are properties listed from Lemon Grove, Spring Valley, and La Mesa to houses for sale in El Cajon, Santee, and Lakeside. A search of San Diego HomePath® properties includes homes located as far east as Pine Valley, Descanso, and Julian.
In the northeastern region you can find houses for sale in the San Diego communities of Ramona, Escondido, and San Marcos. There are also San Diego HomePath® properties listed in Vista and Fallbrook.
The prices of the houses for sale in San Diego range from as low as $60,000 up to $450,000. It is important to know that Fannie Mae sells the homes “as is”, which means Fannie Mae will not fix anything after you close escrow on one of their properties. Although certain information is required by law to be disclosed during the real estate transfer process, it is highly recommended to hire a professional to conduct an inspection before you purchase any home. Purchasing a home warranty is also another advisable step you may wish to consider to protect your investment.
Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum when selling properties. However, the buyer may select the title, settlement, or escrow company. Fannie Mae does not accept offers contingent upon the sale of your current home. They will consider other types of contingencies on a case by case basis. Fannie Mae does provide special financing on many San Diego HomePath® properties through their HomePath® Mortgage and HomePath® Renovation Mortgage programs.
If you are interested in buying one of HomePath® houses for sale in San Diego, the first step is to contact a lender to become pre-qualified. Fannie Mae requires a lender’s prequalification statement before a realtor can negotiate and submit purchase offers for properties on your behalf. Prequalification provides you with an estimate of your price range for homes based upon the mortgage amount for which you may qualify. It also provides assurance to Fannie Mae that you are a prospective buyer who is likely to be able to qualify for the loan amount needed to purchase the property in which you are interested. To become pre-qualified, contact HomePath® Mortgage Lender Robert McMahon of Guild Mortgage at 619-857-1657 or rmcmahon@guildmortgage.net.
If you would like to submit an offer for one of the HomePath® houses for sale in San Diego, you must contact a real estate professional. Fannie Mae requires offers be submitted through a realtor or a broker. If you would like to view or submit an offer on any of the HomePath® houses for sale in San Diego, contact San Diego Realtor and Broker Russ Petrone of Petrone Properties Real Estate Associates at 858-259-1000 or russ@petroneproperties.com. You can also view San Diego HomePath® properties online.
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