| Bank homes foreclosures is a highly viable way of | | | | essential component to the whole buying process as |
| owning property. It is very attractive to buyers due to | | | | these bank owned Fannie Mae foreclosures are all |
| the feeling of security created by dealing with banks. | | | | sold in their present condition or as is. These homes will |
| Banks have always had the reputation of being on the | | | | require some measure of repair or improvement so it |
| level or above board and all one needs is a good | | | | is best to do a careful selection process. Depending on |
| credit standing to qualify for loans. | | | | the home type, its general condition and its location, |
| Sometimes people are reluctant to secure a loan to | | | | Fannie Mae can undertake minor repairs on some of |
| purchase bank homes foreclosures, probably because | | | | these homes. For significant repairs, Home Path offers |
| they feel their income or stature will fall short of the | | | | another line of credit, which falls under renovation or |
| qualifications of banks. Perhaps they are not aware | | | | home improvement. This means setting up a mortgage |
| that Big Brother can help them out with Home Path | | | | in excess of the value of the home to free up some |
| mortgages, a program operated by Fannie Mae. | | | | funds for the repairs. |
| How can Home Path Help You Own Bank Homes | | | | To apply for a Home Path mortgage buyers must be |
| Foreclosures? | | | | pre-qualified by a bank. While not all pre-qualified |
| The HomePath mortgage program was established to | | | | borrowers are assured of financing, they at least have |
| provide incentives for both banks and borrowers to | | | | an idea of the amount of money they can loan. |
| induce sales of bank homes foreclosures. The real | | | | Another plus for Home Path mortgages is that it |
| beauty of acquiring a foreclosure through a Home | | | | accepts down payment funding from outside |
| Path mortgage apart from the significantly lower price | | | | resources such as a gift from your family, your boss, a |
| is the fact that Home Path will only require borrowers | | | | charitable or non-profit organization. Borrowers can |
| to put up three percent of the total down payment | | | | also avail of down payment assistance from the |
| with great flexibility on amortization. | | | | government via the Neighborhood Stabilization |
| Homepath support bank homes foreclosures that | | | | Program or theHUD. Will all these government |
| include town houses, apartments and condos as well | | | | incentives and tax. |
| as single family homes. Your research is still an | | | | |