Roy Paeth FHA USDA and Homepath Mortgage Loans Illinois NMLS 225032

WARNING HOMEPATH BUYER INCENTIVE RUNNING OUT!!

For those lucky enough to have taken advantage of the current Fannie Mae Homepath special great job. Now for those home buyers still out there waiting for a better deal or for rates to drop it is time to get off the fence. Fannie Mae is currently offering up to 3.5% towards the buyers closing costs on their Homepath properties. This money can be yours whether you are using the Fannie Mae Homepath loan, FHA loan or even a USDA loan to buy a Fannie Mae Homepath property.

The current Fannie Mae Homepath special offer ends on October 31, 2011. This means that you must close on the purchase of the Fannie Mae Homepath loan no later than October 31, 2011. No there are some other conditions that you will want to be aware of in order to take advantage of the Homepath special offer.

1. You must be purchasing the home to occupy as your primary residence, 2nd homes and investment are not included in the special offer.
2. If your closing costs are less than the 3.5% incentive offer you will not receive the difference as a credit.
3. The agent must request the incentive with the submission of the initial offer.

There numerous properties available for purchase through the Fannie Mae Homepath program in Illinois. Many of the Homepath properties are in great shape and ready to move in. To search for Illinois Homepath properties visit the Fannie Mae Homepath site at www.homepath.com. If you are interested in finding out more about the Fannie Mae Homepath mortgage then please give me a call at 815-899-3848 or visit me at www.mortgagebyroy.com.

This is just a quick reminder to everyone that the Fannie Mae Homepath home closing cost incentive will run out at the end of June. Currently the buyer can receive up to 3.5% towards closing costs when buying a Fannie Mae Homepath home as long as they close by June 30, 2011. Let's face this is a pretty significant incentive for buyers looking at Fannie Mae Homepath homes or for that matter any homes.

For example, if you are looking to purchase a $200,000 home this would allow you to get up to $7000 towards closing costs. That is $7000 that you the buyer can keep in your pocket and use towards items in your new home.

If you are unsure what a Fannie Mae Homepath home is here is a quick rundown on Fannie Mae Homepath homes as well as the Homepath mortgage. Fannie Mae Homepath homes are basically Fannie Mae foreclosures. These Homepath homes can be found by going to www.homepath.com. These homes can range from the $30,000 fixer upper to the $400,000 move in ready dream home.

The Homepath loan program is available only on Fannie Mae Homepath homes. This loan program requires a minimum of a 3% down payment. The great part about the Homepath mortgage is that there is no monthly PMI like other loan programs and there is no upfront mortgage insurance like there is on FHA loans. One final point about the Homepath mortgage program is that there is no appraisal required. This can be great for someone looking at a fixer upper as no repairs will be required prior to closing.

So if you are in the market for a new home you really owe it to yourself to take a look at the Fannie Mae Homepath homes even after this incentive expires. If you have questions regarding Fannie Mae Homepath homes or the Homepath mortgage program feel free to call me at 815-899-3848.

Roy E. Paeth

NMLS 225032
Mortgage Planner
Open Mortgage

1210 E. State Street, Suite 8
Sycamore, IL 60178
815-899-3848
815-230-1390 Fax

Top 5 Reasons to Love the Homepath Mortgage in Illinois

Okay so a couple weeks ago I was meeting with a new agent who I just started working with and he asked me, "Roy, why are you so excited by the Homepath Mortgage?" I sat back and started listing of different things I liked about the Homepath Mortgage. After my meeting I thought what a great idea for an Activerain blog post. So without further adieu here are the "Top 5 Reasons to Love the Homepath Mortgage in Illinois".

1. The loan process is quick and typically you can close within 10 days.
2. No appraisal is needed. No more HVCC issues or lag time.
3. No repairs required- no delays or renegotiation due to repairs required by the appraiser or the underwriter.
4. The sales price of the property is not limited by the appraised value which is great if there is a lack of comps.
5. The asset managers would rather take a Homepath mortgage offer over an FHA, USDA or Conventional mortgage.

So let's expand on a couple of the points. Reason number three can be huge because these homes are foreclosures and may not be in perfect shape. If an appraisal is done there could be items that need to be repaired thus delaying the closing and possibly killing the deal. Reason number five can be huge. Lets say an asset manager has three different offers for the same home one with a Homepath mortgage, one with an FHA mortgage and one with a normal conventional mortgage. If the amounts offered are the same which mortgage program would seem the most enticing to the asset manager, the two that will require an appraisal or the one with no appraisal required? I have been told, off the record that the Homepath mortgage is preferred by the asset manager which does make sense. So there you have it the "Top 5 Reasons to Love the Homepath Mortgage in Illinois." There are quite a few other benefits of the Homepath mortgage as well as Homepath homes but the above reasons are just my favorites.

Roy E. Paeth

NMLS #225032

Open Mortgage LLC #2975

Email: roypaeth@openmtg.com

Phone: 815-899-3848

APPLY NOW: www.mortgagebyroy.com

Whether you are an first time home buyer or a move up home buyer in Illinois you really should take a look at the Fannie Mae Hompath homes. The Fannie Mae Homepath mortgage is useable only on Fannie Mae Homepath homes which are Fannie Mae forclosures. Why is the Homepath mortgage program so good you ask? Here are a few reasons.

• No appraisal is required
• There is no upfront mortgage insurance like there is with an FHA mortgage
• The minimum down payment required is 3%
• There is no monthly mortgage insurance

The no appraisal requirement is a great way for Illinois home buyers to purchase a home that may need a little work. With an FHA or Conventional loan the appraiser will make a note of repairs that are need and in most cases these repairs will need to be done prior to closing. One other benefit of not requiring an appraisal is that you are able to close on much quicker.

Not having upfront or monthly mortage insurance is a great savings to homebuyers. Recently the monthly mortgage insurance on an FHA loan has almost doubled. By not having to pay monthly mortgage insurance the home buyer can afford more home.

Other than a VA or USDA loan the Homepath mortgage has the lowest down payment requirement out there. The minimum down payment on an FHA loan is 3.5% so the Homepath mortgage saves the home buyer money that they can use toward items in their new home.

Many people may think that these Homepath homes are in bad shape but many of the homes are newer and are in great shape. To lookup Homepath homes in your area go to www.homepath.com. If you have additional questions regarding the Homepath mortgage feel free to contact me at 815-899-3848.

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815-899-3848