Are you looking forward to buy a home? All of us know how costly it is to own a property. People have to think twice before investing in a property. Many of us cannot even dream of buying a new home. So when it comes to buy a home; many people go for a foreclosed home. These types of houses are generally cheaper than the new ones. HomePath is a web tool to help out such people, who are looking for foreclosed homes at lower prices. It is operated by Fannie Mae and has many heuristic resources for a house search. Www.homepath.com is the official website of HomePath, at which it is easy to find and finance the foreclosed homes. One more benefit with the foreclosed homes is that you can search thousands of foreclosed properties that are ready to move-in.
A foreclosed home can represent a great opportunity and a good value – but a HomePath property can offer even more. Some homes may qualify for special inducements and many can be purchased with a low down payment and flexible mortgage terms through HomePath financing. HomePath financing service offers great buyer benefits with low down payment, flexible mortgage terms, no mortgage insurance requirement, and much more.
Potential buyers can choose from about 80,000 homes listed on the HomePath website for sale. HomePath acquires thousands of properties through foreclosure every month, but they are sold quickly. As per Fannie Mae, the company sold 62,814 properties in the first 3 months of the year. It acquired over 53,549 properties during that period.
HomePath offers owner occupants (homebuyers) an exclusive “first look” at newly listed foreclosed properties. During the First LookTM marketing period, the customer can make an offer and purchase a HomePath home without competition from investors. The First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization; hence allowing homebuyers to bid and buy foreclosed properties before they are made available to investors. Usually First Look is the first 15 days a property is listed on HomePath.com. Properties in the First Look period have a countdown clock on the property details page of HomePath.com showing the days remaining to purchase.
Many state and local housing authorities offer financing programs that can assist the customers with the down payment and purchase of their new home. Moreover, HUD’s Neighborhood Stabilization Program (NSP) gives homebuyer funds through special financing programs. HomePath supports public funds programs and offer additional assistance to the buyer. Once an offer using NSP funds is accepted, buyers can renegotiate after receiving an NSP required Uniform Residential Appraisal value for the home. 45 days is the standard closing period for a public funds offer, it gives time to fulfill the NSP requirements for funding. Only around 50 lenders nationwide are approved to offer HomePath financing. Most of them are regional and local lenders.
Sometimes the properties at HomePath receive repairs and improvements before being listed for sale. National and local vendors provide these services, improving items such as flooring and paint. Such properties can be easily identified due to some special symbols. For example – properties with the ‘The Home Depot’ logo have had certain repairs performed by ‘The Home Depot’ as a preferred repair contractor.
Here, the buyers may look up the available foreclosure homes by zip code and even make offers on them. The home search tool is easy to use and it is a kind of fun to shop for a home online. Just enter your city, zip code or address. It will display potentially, foreclosed home listings that match your criteria. You may also specify a price range for your new home. If you desire, you may also specify the number of bedrooms and bathrooms you need. At the website, you may find many tools which may help you in your home buying process. For example – the HomePath calculator tool is a mortgage calculator that helps estimating the potential monthly payments and determines what the buyer may afford as per the budget.
Unlike most other types of mortgages, HomePath financing does not require the property to be assessed. The property does not have to face an inspection. Prior to purchasing a home, buyers should always have an independent inspection, so they are aware of the property’s condition. A HomePath mortgage doesn’t require mortgage insurance, regardless of the down payment amount. All HomePath loans require borrowers to pay for mortgage insurance.
Pros:
- Easy and convenient
- 80,000 homes to choose from
- No appraisal required
- No Mortgage Insurance
- Flexible mortgage terms with fixed and adjustable rate options
