Homepath Homes..Great Financing..Great Program!

As I have been showing lots of foreclosures in the past several months, I have been seeing homes advertised as Homepath homes. Upon entering I see brochures saying this is a Homepath home. I had no idea what that meant. Upon investigating, I found a great new program. One of the biggest advantages of this program aimed at reducing the number of foreclosures is the low down payment. An investor only has to put down 10%! If the investor owns 4 or more properties, they will have to put 25% down. But that means they can still finance 4 properties, putting only 10% down. What a great way to move forclosures. For the owner occupied buyer, they only have to put 3% down.

There is no PMI (private mortgage insurance) and you won’t need an appraisal. As appraisals have been coming in low, that may be a big deal. Sellers can contribute $$ towards closing costs. The amount is determined by how much you put down.

The only disadvantage I can see is the interest rates are higher then the average 30 year conventional loans. But you still have the option of buying the interest rate down.

Here is a link to to Homepath homes and the program. www.homepath.com

It’s a great program any way you look at it!

Michael Manning

HomeSmart BuyerTours Team

480-882-2727

602-738-8236