Buying a HomePath Home

Buying a HomePath Home If you’re in the process of looking for a home, you’ve probably looked into foreclosed or bank-owned homes. Not all foreclosed homes for sale offer the same benefits. This is something we learned during our home search. One type that kept showing up in our search results was HomePath.

What is a HomePath home?

These are Fannie-Mae-owned properties. Most of these properties are move-in ready and require little to no work.  Not only are the homes labeled as HomePath because of their great condition, but also because they’re eligible for HomePath financing.

Assuming the property is in tip-top shape, you may also use other types of loans to finance your home purchase, like an FHA loan or a VA loan.

However, there are certain benefits of choosing a HomePath Mortgage to finance a HomePath property.

Benefits of the HomePath Mortgage

Some of the benefits of getting a HomePath Mortgage are:

  • Low down payment. This can be a gift from someone or you could even get help from a financing assistance program.
  • Fast financing without an appraisal.
  • Below-average home prices

If you’re interested in taking advantage of all these benefits, here are the steps you need to take:

  • After looking at your budget, figure out a monthly payment that you can afford.
  • Figure out the area you’re interested in.
  • Get a pre-approval letter from an approved HomePath mortgage lender, like Quicken Loans.
  • Work with a trusted real estate agent in order to submit your offer. Note that starting Feb 2, all offers will have to be submitted online.
  • Work with your lender to get all necessary documentation.
  • Close on your loan!

Do you have any experience or advice about HomePath homes? Share it with us!

 

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