Are you thinking about buying a home but waiting until the market drops even further? Then now is the time to act! There is a program available to you that combines low home prices with buyer financing incentives designed to get you the home you want before the end of the year.
Fannie Mae’s Home Path program provides a way for buyers to purchase foreclosed homes by making the lending process easier. What specifically does the Home Path program provide?
- · Buyers get up to 3.5% in closing cost assistance.
- · Low down payment of only 3% of the purchase price.
- · The down payment can come from many sources including savings, a gift, a grant, or a loan from a nonprofit, state, or local government or an employer.
- · No private mortgage insurance required. This is a significant savings because private mortgage insurance is usually required for home purchases that do not have a 20% down payment. This is a savings of .75% of the entire loan amount.
- · No appraisal, saving the borrower approximately $400 in closing costs.
- · There are no income limits or housing cost limits.
- · Renovation financing may be available.
- · Home Path is available only to those intending to occupy the home.
What’s the Catch?
The Home Path program is offered for a very limited time. Buyers must close on a property within sixty days of the offer’s acceptance and no later than December 31, 2010. Fannie Mae recommends that you be under contract by November 15, 2010 to meet the December 31 closing deadline.
What’s Available in Johnson County?
There are 87 foreclosed homes that qualify for this program in Johnson County between $40,000 and $460,000. The inventory changes frequently as buyers find out about Home Path and act quickly.
Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com or www.SearchjocoHomes.com