Owning a home is a noble desire, however this noble desire remains a dream for a great number of people on account of the pricing costs involved. If you are a resident of the USA, there is one word that you do well to keep in mind – Home Path.
Home Path is one of the products that are in the Fannie Mae stable. Specifically Home Path is a venture where the public gets to be invited to purchase homes that are in the possession of Fannie Mae. These properties are basically reposed houses that the mortgage firm wants to offset from its book of bad debts.
Typically the purchase of a repossessed house comes with a lot of headaches on account of the purchasing roadblocks that you basically have to walk through – the purchase of insurance to back up the mortgage being the heaviest weight that you have to carry on this score. This however is not the case when you elect to travel the Home Path route.
Why You Need To Pay Home Path A Visit:
When you purchase a reposed home via the Home Path potion there are a number of distinct advantages that come your way – Foremost, you do not compete with an investor for the first 15 days that the house is listed; Second, you do not pay any insurance to back up your purchase – the law requires that when a deposit of less than 15-20% of the value of the house is made then the buyer must purchase insurance for the mortgage; Lastly, there is no independent valuation of the property done to ascertain its value – this is a process that locks out many a would be home owner on account of the fact that the valuation might place the property above the credit rating of the would be home owner.
How To Acquire A Home Path Loan:
The question that the discerning reader could be asking at this juncture is as follows – Just how do I get on board? The process is straightforward; the rigmarole is spelt out belo
- Your first port of call should be the official website of Home Path products – www.homepath.com;
- On the main web page that crops up there is a menu that has a number of options for those who are in the market for a home – finding a home, financing options, special offers and incentives, click on the Find Homes Link;
- There is a control panel that has a data field whose questions will include questions on the address of the home you are looking for, the price range and that sort of thing. Key on the search button and you will have all the houses that match your specifications listed.
This website contains useful tools such as mortgage affordability calculators, and links to customer care personnel all designed to aide you make the right decision. Lastly, it is important to note that the loan that you apply for will not be deposited to your personal bank account but will simply be transferred to the Home Path Account that is created for your mortgage. Ponder over the contents of this article.