Making Use of Home Path Mortgage to Buy Real Estate

Making Use of Home Path Mortgage to Buy Real Estate

Home Path Mortgage is a program offered to people buying Fannie Mae foreclosure properties. This
program provides buyers with incentives including low down payment requirements and flexible
mortgage terms. These loans are offered to first time home buyers, buyers with less than perfect credit,
and real estate investors.

Applying for Home Path Mortgage is no different than applying for a home loan through a bank or credit
union. Applicants will need to provide proof of income and possess good credit scores. It's a good idea to
review credit reports prior to applying for credit. Every U.S. citizen can receive complimentary reports
from three credit bureaus at AnnualCreditReport.com.

Fannie Mae Homepath properties include all types of residential dwellings. Whether you want a single- or
multi-family residence, condo, or townhouse chances are one is available. These properties are sold 'as-is'
so buyers need to perform due diligence before presenting a final offer.

Properties that require more than cosmetic repairs might qualify for the Homepath Renovation Program.
This option lets buyers borrow extra money to cover the cost of repairs instead of taking out a home
equity loan or expensive construction loan.

Home Path Mortgage is a good option for people that can afford a mortgage, but don't have a large down
payment. It's also great for first time home buyers looking for affordable housing. One of the better
features is buyers are permitted to utilize down payment assistance funds offered from outside resources.
Funds can be acquired from a personal loan, monetary gift, grant, or charitable organization.

People that buy Fannie Mae properties ought to investigate HUD's Neighborhood Stabilization Program
(NSP). HUD offers grants to individual buyers and investors that buy bank owned homes located in areas
with excessive foreclosure rates. Acquiring NSP grant money could offset the down payment or repair
costs, so it's worth looking into. Program details are provided at HudNSPHelp.info.

Home Path Mortgage is only available for Fannie Mae bank owned properties listed via their website at
HomePath.com and sold through realtors.

WA (360) 527-2630 * CA (714) 998-6888
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Buyers can also finance Fannie Mae homes through the lender of their choice or make a cash offer. It's
always smart to comparison shop lenders to find the best interest rate and lowest closing costs. As little as
1/4 percent additional interest can add thousands to loan amounts.

Buyers that require financing need to obtain bank prequalification before submitting purchase offers.
Prequalification doesn't guarantee approval, but does let individuals know the maximum amount the bank
is willing to lend.

Fannie Mae homes aren't any different than houses being sold through realtors and owners. The only
difference is they were repossessed through foreclosure or returned using deed in lieu. Most of the
properties are priced below market value; making them a good option for real estate investors.

One stipulation of the Home Path program is investors are prohibited from making offers until properties
have been listed for 15 days. This program's primary focus is to help individuals buy houses at affordable
prices and acquire affordable financing through Home Path Mortgage.
WA (360) 527-2630 * CA (714) 998-6888
Copyright (c) 2006 - 2009 http://www.SimonVolkov.com * All rights reserved

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