Fannie Mae Offers New Buyer Incentives on Homepath Homes


New Buyer Incentive on Fannie Mae HomePath® Homes

Fannie Mae is offering buyers up to 3.5% in closing cost assistance on HomePath properties through December 31, 2010.

Buyers must meet the following qualifications to be eligible for the incentive:

  • HomePath property sale must close on or before December 31, 2010 and close within 60 days of offer acceptance
  • Only owner occupants purchasing a HomePath property as their primary residence will receive up to 3.5% in closing cost assistance
  • the initial offer must be submitted on or after September 23, close within 60 days of offer acceptance and close on or before December 31, 2010. No bonus will be given for investor purchases.
  • Buyers must request incentive upon submission of initial offer in order to be eligible.

Note: Offers submitted after November 15, 2010 may be difficult to close by incentive deadline of December 31, 2010.

Terms & Conditions:

  • The 3.5% seller contribution is to be used towards closing costs, including a home warranty, if desired and available.
  • Retail and public entities are eligible for the incentive however pool and auction sales, and sales to investors are not eligible.
  • Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of a bonus shall be resolved by Fannie Mae in its sole discretion.
  • Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

See link to search for Fannie Mae Homepath Homes

Marin County Bank Owned / REO / Foreclosed Homes as of 07/16/09


UPDATED 07/16/09 (last updated 06/06/09)

By Popular Demand … Thanks for emailing… Here is the updated report as requested!

Due to strong demand from my past and current clients and the interest from the prospective clients, I am providing you with list of current Bank Owned (REO – Real Estate Owned, and Foreclosed) homes.  The list will be updated freqeuently depending on relevant activities.  

(Word of Wisdom from your Realtor –  In addition to REO (Bank Owned) properties, there are GREAT Deals out there if you look hard enough.  I will be able to help you to find the best property for you in Marin and Sonoma county, Bank Owned or Not!  (O.K. I still have to work on the new Blog ‘Tale of a Short Sale’, but there are other priorities)  

The towns included in this list are Marin County towns South Marin, Central Marin, North Marin and West Marin (yes, we even have a few in South, Central and West Marin).  Specifically: Belvedere, Bolinas, Corte Madera, Dillon Beach, Fairfax, Greenbrae, Kentfield, Lagunitas, Larkspur, Mill Valley, Muir Beach, Nicasio, Novato, Marin County, Olema, Point Reyes Station, Ross, San Anselmo, San Geronimo, San Rafael, Sausalito, Stinson Beach, Tiburon, Tomales

Single Family Homes, Farms and Ranches are in one link; and Condos/Townhomes are in another link.  Note that the link expires in 30 days (Per MLS rule).

Marin County Bank Owned Single Family Homes   Marin County Bank Owned Single Family Homes (Updated 07/16/09)

It has been 1 and 1/2 months since I last (06/06/09) posted Marin REO proeprties – taking care of my clients tends to get in the way of posting online.  However, never hestiate to email me if you need current info.

The Marin housing market is heating up again, as evident in the new ‘sellers’ market.  Lack of supply and increasing demand play a big role in that – Economics 101, I am sure.  This can be attributed to a few reasons:  Continuing interest in first time homebuyers taking advantage of the up to $8,000 tax credit from the government, interest rates stay historicacl low, including the new friendly Jumbo ($729,000 in Marin county), consumer believing the market has hit the bottom (as evident by many multiple offers), the lenders are required to hold of for an additional 90 days before starting the foreclosure process – allowing distressed homeowners the opportunity to work out their loans with the lenders – we have heard quite a few successful loan modifications), short sales are getting easier to approve, less stress for buyers, and much more.  

And 1 and 1/2 months later, the famous, but accurate remark of: “The Bottom of the Market is Hindsight”   Don’t be the one who missed out on the opportunity.

Changes between 06/06/09 and 07/16/09!  for Single Family Homes

66 Totals!

  • 19 Active – Rumor had it and now Luxury REOs are finally on market.  Vacation at home with Bay and Mt. Tam views in Sausalito – speaking of breathtaking views!  check out that 178 Santa Rosa Avenue.  Belvedere REO? with stunning water view, small but sure

        ~ Continue watching for outstsanding properties on REO list! ~

  • 29 Pending (Contingent, Pending) a gorgeous home in Larkspur – 5 Wittshire Avenue, inescorw just after 3 days; 1190 Cambridge (short sale at $470K, now REO at $372,900) in escrow after 2 days, probably multiple offers too!  On the other hand, a major fixer (or tear down) in San Anselmo, first priced at $1,350,000 went into escrow when it was reduced to $1M in May. 
  • 18 Sold since 06/06/09 – Remember that super hot deal on Sun Lane? Sold for  $710K (12.72% over asking) ALL Cash. One of those, no offers, but then suddenly many offers came in.  A Shea Home in Pointe Marin closed in 21 days for $855K (last sale in 06 for $1,150,000)

Changes between 06/06/09 and 07/16/09 for  Marin County Bank Owned Townhomes / Condos  

54 Total Listings – 

Questions about the current market? a specific property? The Incentive?  Ready to Buy? Ready to Learn?  Call your trusted Realtor to give you personalized updates...


Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors

 MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. Chinese Realtor.


How does Marin REO, Bank Owned, Short Sale Affect Marin Housing Prices?

14defaults_mdHow do Foreclosures, REOs (Bank Owned), Short Sales affect the Marin Housing Market? A question often discussed on the national, regional and local newspaper, but none can be better answered by your local Realtor.

Being a Marin Realtor active on many major online forums, I have been chatting online on and off with a future Marin (I think, or at least I hope, she is finally favoring Marin county after a year’s research) buyer for the past year.

marincountyreoShe has been on the fence to buy properties in Marin for just as long; mostly because she misses SoCal with warmer beaches, for personal reasons and, I think, having difficulty adjusting to the higher housing price in the Bay Area; especially Marin – Wanting an excellent location, great house, wonderful schools, but the higher price makes her think twice, …., and changes are always hard!

So, a year later, she posted a question about Marin Housing Market… she wonders if the future of foreclosures and REOs (Bank Owned Homes) in Marin will have an impact on the overall pricing.

Here is my answer to her question on how the foreclosures and Bank Owned properties are affecting Marin Real Estate Market:
“First, as I have always said, and I stand by that statement – Marin county, due to it’s unique qualities, does hold its value compare to other areas. Marin Real Estate value, although dropped some, will go back up sooner – but you have heard my preaching on that before, so I won’t go there.

As it’s in any market, the fundamental is if there are foreclosures and REOs, the price will go down; both due to the nature of foreclosures and REOs but also due to the fact that sellers that do HAVE to sell are realizing that fact, though, very reluctantly.

Novato, the north most part of Marin county has seen the blunt of it; especially the condo/townhome market, and entry level homes, but the trend also trickles down to the higher end market – really good for home buyers like yourself.

Southern Marin has largely been unaffected, but we are seeing a slow trend to go towards that way. Since those houses were mostly purchased with more equity in the homes, most are safe, but you do have very few that are not. Those will be the ones who suffer and bring down the values.

Some effect is also due to the general economy, which, for the first time in many years, affected the high tech and financial sectors; which in turn, affect the affordability of the higher end market here and in other desirable places of the Bay Area. You will see some of those houses, not nearly the magnitude of the lower end housing, but few will also go on the distressed list and prices in those dropping slightly.

On the flip side, Marin is Marin, and people do love Marin – make sure you go to to read about Marin County!

moneysign1The buyers who could not afford before, the bargain hunters, the ones who sold their homes before the market drop and are renting now, the investors, ..,etc are taking full advantage of this market and the declin(ed,ing) interest rate.

I know, because we have weekly office meetings discussing the traffic (and Frank Howard Allen is the #1 company in Marin county) and I personally hold open houses almost weekly for my sellers (always nice to get that one more buyer in for my sellers) and in doing so, I get a pulse of the market and customers, I see them out there.

A great deal is a great deal and they jump in there. Multiple offers and even flipping on homes are back again, and people with large down payments as well as cash buyers are moving in.

My clients and I looked at many areas, tons of houses, spend lots of months, and at times, write several offers before they get the best deals on the houses they want and need. But that’s what it takes in Real Estate, before, now and in the future, to get the right house

If you have a Realtor – and you should get one who will look out for your best interest – he/she should do the same for you. .

As always, I would love to actually talk to you about this and provide you with details. So, drop me an email or give me a call, if you will.

Best wishes in 2009!

Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Real Estate
Marin, San Francisco North Bay
Frankk Howard Allen Realtors

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa. Starter Home to Luxury Property. REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange.

Make Dreams Real – Rotary Club of Novato Sunrise Youth Services

Fannie Mae Tightens Guidelines for Retaining Current Residence as 2nd Home or Investment Properties

In today’s Frank Howard Allen Office meeing, Andy Shine, mortgage broker with Residence Pacific Mortgage, discussed the new guideline by Fannie Mae, which will be effective on August 1. The guidelines affect loans for purchase a new home while retaining the current residence as 2nd home or investment porperty.

Might be time to buy the house you always wanted if you are sitting on the fence.

Here are the details:

Situation New Requirement
Current Principal residence is pending sale but the transacction will not be closed (with title transfer to a new owner) prior to the new transaction  Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction
Coversion to a Second Home – Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction, and- 6 months of PITI for BOTH properties is required to be in reserves.  Lender may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property
Conversion to an Investment Property Fannie Mae continues to permit up to 75% of rental income to be used to offset the mortgage if there is document equity of at least 30% in existing propertyThe rental income must be documented with:

– Copy of fully executed lease agreement

– Receipt of security deposit from tenant and into borrower’s account

If not meeting 30% equity requirement, rental income may not be used to offse the mortgage payment.

– Both the current and the proposed mortgage payments must be used to qualify the borrowers for the new transaction; and

– 6 months of PITI for BOTH properties is required to be in reserves. 


Marin Real Estate Home Sales Statistics as of June 15, 2008

Compare to four months ago, in the middle of winter, the number of inventories almost doubled (from 844 to 1586).  The good news is, the market has started to move again, after the dramatic slow down. 

The percentage of pending sales for bread and butter homes priced under $1M increased a healthy 6%, from 20% to 26% (brings it right to neutral market).  Homes priced higher than $2M stays the same at 15% and homes priced between $1M and $2M dropped 2% from 22% to 20%.  

The lowered price for start homes are allowing buyers who were not able to afford a Marin Home to start buying again. 

There is a silver lining in all that cloud! 🙂  

As of 06/15/2008      
     On Market In Contract % Pending
Marin Real Estate – Total 1586 362 23%
Belvedere Real Estate 22 4 18%
Corte Madera Real Estate 50 13 26%
Fairfax Real Estate 40 7 18%
Greenbrae Real Estate 33 7 21%
Kentfield Real Estate 29 7 24%
Larkspur Real Estate 35   5 14%
Mill Valley Real Estate 169 42 25%
Novato Real Estate 458 123 27%
Ross Real Estate 18 4 22%
San Anselmo Real Estate 80 17 21%
San Rafael Real Estate 400 94 24%
Sausalito Real Estate 65 13  23%
Tiburon Real Estate 86 8 9%
Marin Homes $1-2 million 396 80 20%
Marin Homes  > $2 million 215 32 15%
Marin Homes $0-999,999 975 250 26%
Buyer’s Market <25%
Neutral 25% – 40%
Seller’s Market >40%