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It’s no secret that with our economy the way it’s been lately we all try to stretch each dollar. So when you are getting ready to buy that new home, it’s a great idea to include HomePath properties in your search. You cannot go wrong with the absolutely incredible offers that go along with this incentive to get more Americans into new homes. Here’s what you stand to gain:
While three and a half percent does not really sound like a huge number, it sure as heck is when you look at what that percentage is coming out of. So that’s why with a lower closing cost requirement of just 3%, you can start thinking about getting that brand new flat screen projection TV to go along with your new home. With FHA financing the minimum closing costs requirement remains 3.5%. The difference can be as much as $1500 for an average sized family home that sells in most markets these days.
Getting An Appraisal Is NOT Your Problem
The incentive does not stop at a lower closing costs amount. Appraisals are not required to be paid by the buyers. As if it wasn’t already the best time to be on the buying side of the fence – now, if you’re the one writing a check, you can expect to be using a little less ink than if you buy your home on November 1st onwards.
Monthly Mortgage Insurance – WAVE It Goodbye!
Yes, that’s right. WAIVED monthly mortgage insurance is one of the best aspects of this incentive program and it adds up to enough money each month that you can pretty much bet you’ll have fun deciding what to do with it. Put it in savings, the kids’ college fund or your IRA. Dreaming about next year’s vacation? A little saving discipline and you can be on your way to some sunny place next winter with the money you saved on mortgage insurance.
Some Good Things Come With Rules
Does this sound too good to be true? It’s not. But there are a couple rules of the game. First, you have to be purchasing a property that you intend on living in. So this deal won’t work for those people who have a place somewhere else but want to be able to spend time on the beach in their second home in the summers. As long as this is your primary residence, you’re good to go.
The second rule is that properties that are financed through the Fannie Mae HomePath properties incentive – have to be processed by a Realtor. The good news is that there are lots of Realtors out there. The bad news is that you will need to spend some time looking for one who knows what they are doing with HomePath property financing. Folks, if you find a HomePath house you like, go for it! It’s worth it.
