The Home Path Mortgage is a program run by Fannie Mae in an effort to provide incentives for prospective home owners looking to purchase foreclosed upon property, such as condos, town homes, and family abodes. The program allows for a low down payment of only 3% as a benefit for those unable to afford conventional financing. On top of the ability to pay through your own savings, you have the option of going through a grant or a secured loan from a non-profit, state, or local government. On top of these flexible mortgage terms, the Home Path Mortgage program adds two highly coveted features — There is no appraisal and no mortgage insurance. Appraisals can potentially disrupt or outright kill your purchase. And with no PMI, or Private Mortgage Insurance, there is no addition of insurance costs added to your monthly mortgage payment – This can save you hundreds of dollars alone. Thanks to the terms of the Home Path Mortgage, you are literally saving yourself both time and money. For a more in-depth look at Home Path Loan check out the Canseco Group.
With the Home Path Mortgage, there are two distinct options for financing you need to know about. The first is the conventional home loan already discussed, with the prerequisites being the property is a Fannie Mae home and it is your main residence. A second option alternative is the Home Path renovation mortgage, which as it sounds, provides extra funds to undertake small repairs around the home. Take a look at http://www.homepath.com/financing/index.html as well as the Canseco Group for additional information on how to proceed. www.canseco.com For both of these options, the buyer must receive financial support through a legitimate source and get bank prequalification before even submitting an offer. Home Path Loans are sold according to a “first look” clause, which means potential buyers who acquire grant money and down payment assistance are given first priority during the first fifteen days of bidding. If no offers come through in that period of time, then it is possible for real estate investors to submit offers through a licensed Fannie Mae broker. As a jump off point, go to http://www.home-fish.com/ for foreclosed homes in your area and then glance over http://blog.home-fish.com/Foreclosures/01-types-of-foreclosures to find the type of home that might work for you and your family. These are great first steps toward buying and owning a home.
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