Illinois Mortgage Info and More: Fannie Mae Homepath Incentive: Time is Running Out!!

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