Fannie Mae Homepath Offers Deeply Discounted Real Estate [mortgageinsuranceguide.blogspot.com]
What is a Homepath loan? Quicken Loans President's Club banker, Kent Wenzel, gives some insight into the details and benefits of Homepath loans. Quicken Loans is an Equal Housing Lender. Rates subject to change. Quicken Loans Inc. is a licensed mortgage lender. Arkansas -- Quicken Loans...
mortgageinsuranceguide.blogspot.com Homepath Loans - Kent Wenzel Quicken Loans
Fannie Mae Homepath can be a good option for first time home buyers. This government-sponsored program offers a bounty of foreclosure homes priced below market value. Individuals who purchase these distressed properties can apply for financing and special incentives through Home Path Mortgage.
First time home buyers find Fannie Mae Homepath properties attractive because most are priced below market value. Many of the houses require light repairs, but buyers can finance repair costs through special renovation loans. Both Homepath Mortgage and Renovation Mortgage are offered with flexible mortgage terms and minimal down payment requirements.
Home Path Mortgage can be a good financing option for borrowers who have not established a solid credit history.
Lending criteria is more lenient than with other types of mortgage loans. Buyers who cannot meet large down payment requirements of most lenders find Homepath's minimal 3-percent down payment attractive.While these programs go hand-in-hand, buyers can obtain financing with any lender of their choice. Home Path Mortgage financing is only offered on Fannie Mae homes published at Homepath.com.
First time home buyers can further capitalize on savings by applying for Neighborhood Stabilization Program grants. These government grants are offered through HUD and available to applicants who purchase qualified properties.
NSP grant money must be used to buy, sell or rehabilitate foreclosure homes positioned in communities with excessive foreclosure rates.
Program details are provided at HUDNSPHelp.infoBuyers are required to obtain preapproved financing before submitting purchase offers. Preapproved informs borrowers of how much house they can afford and provides evidence they can obtain financing for the property on which they are interested in buying.
It is not uncommon for multiple buyers to submit purchase offers. Fannie Mae accepts the highest offer, so it is best to submit the highest amount you're willing to pay. It is helpful to research comparable sales reports to determine what other homes in the area are selling at.
Fannie Mae Homepath rarely considers offers for less than the listing price. The exception to the rule is if extensive damage is discovered during property inspection that was not revealed at the time of the listing.
Buyers of Fannie Mae homes should conduct due diligence and obtain repair cost estimates. The Homepath website offers extensive information regarding the process to place offers and obtain financing. This is an invaluable resource for first time home buyers and those who have never purchased foreclosure real estate.
Fannie Mae foreclosure homes can offer rewarding opportunities. Although the real estate market has taken a beating, home sales are starting to increase. Eventually, housing prices will go up. If you've been thinking about buying a house, now might be the perfect time.
Only you know if the time is right for becoming a homeowner. If so, take time to research Home Path Mortgage and NSP grants. Combined, these programs can make Fannie Mae Homepath properties the most affordable housing choice.
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