Fannie Mae Homepath Program is now The Home Ready™ Mortgage
Buying a home is a scary experience, especially when you are on a budget and trying to get as many of your must-haves as possible within that budget. Getting a home at a good price, at least one that you like and that you want to live in is not easy. Fannie Mae has helped people for years to do this, though. With the Fannie Mae Homepath Program people have been able to find and purchase homes easily and with fewer financial risks. It offers a list of foreclosed homes, it informs buyers of everything they need to know, and it offers some great deals. It is the perfect way to buy your home, especially if this is your first home. It is invaluable. With the new program, The Fannie Mae Home Ready Mortgage program, you are getting the same help that you expected before. It is still built for people who need the assistance to get a home, and it remains one of the best options for home buyers. Repeat and first time home buyers alike can find some great opportunities available through this program, which is why it continues to be the go-to for people across the country. It has innumerable benefits for people looking to buy a home.
Ready To Get Approved For Your Fannie Mae HomePath Mortgage?
The Fannie Mae HomePath Program started out as a way to list foreclosed homes with Fannie Mae mortgages. Fannie Mae compiled a list of homes with mortgages that it backed. All of these homes have gone through foreclosure and are now up for sale. You can see these homes for yourself, and you can look at any homes from across the country. Since they are foreclosed homes, there is an automatic savings involved here. Foreclosed homes are not nearly as expensive as the realtor or owner sold homes so it is possible to get a great deal on them.
Fannie Mae does require that you bid through a realtor, however. This is because they want buyers to understand the risks involved with foreclosed homes. Due to the fact that foreclosed homes are sold in the exact condition they were in when foreclosed, there is a risk of serious damage inside that could require costly repairs. A realtor can help you to understand more about these risks to avoid making any mistakes that you might regret in the future.
You should not walk away from this opportunity because of this, however. While you will have to use a realtor and there are risks with foreclosed homes, Fannie Mae does make this an excellent option for any homebuyer. There is a reason people nationwide are using this program to buy their homes. It is incredibly easy to purchase a house through this program. Today, with the program as it stands, you can put down as low as 3% or make the down payment a gift. This is one of the most affordable options for homebuyers currently. When combined with the already low prices of the homes, buyers can save thousands of dollars. Another saving feature of this program is that Fannie Mae can cover some of the closing costs. There is a lot of money to save when using this program versus traditional home buying methods.
The Fannie Mae HomePath Program also has a straightforward and buyer-friendly process to make it possible for anyone to purchase the home. Whether this is an investment or your own home, Fannie Mae works to help you get in with as little stress and money as possible. They help all buyers through this process.
There is also information available to make sure that you are fully informed. With some assistance programs requiring that you educate yourself on the matter before moving forward, this can be a great tool. It adds to the possible savings while helping you to better understand what you are getting yourself into.
Fannie Mae Homepath Eligibility
Eligibility is necessary for this. Luckily, there is not a lot to worry about with that. In general, most people are eligible for this program and can begin taking advantage of the benefits right away. With the closing costs, though, you will need to take a few extra steps. You do not get assistance with closing costs immediately. You will have to take a course and pay a fee for this. It is the same as most other assistance programs. If you want the assistance, you will have to complete an education course first.
Anyone hoping to get a home at a low cost should consider the Fannie Mae Homepath Program. Its benefits are truly worthwhile. Right now, its name is The Home Ready Mortgage program. Speak with your realtor about it to learn about all that it has to offer and if you are eligible. The program in its current state offers all of the above benefits to all eligible home buyers. It is easy to start using, too, so you can save money right now.
Find Fannie Mae Homepath Approved Lenders here