A HomePath Renovation mortgage is also an option for many HomePath properties. This loan program allows you to purchase and renovate in one single loan.
Prospect Mortgage is one of the largest volume HomePath lenders in the country and only one a few offering HomePath Renovation as option. We were also one of the first lenders to offer the loan program when it was launched in early 2009.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at http://www.rodneymason.com.
Yes, a proeprty could still have liens. This is usually from unpaid property taxes, HOA dues, or water bills after the current owner took posession of the property. The closing attorney/title company handles all of those searches. All outstanding liens/bills must be satisifed prior to clsoing.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
They are searching the records for "clouded titles", Liens, encrouchments, easements; anything that would affect your clear title to the property.
They also act as a "third party" to the money and the documents.
They do not have any interest in the VALUE of the property; this would probably enter into a conflict with them; and they are very conscious of anything that would be a conflict for them.
A HOMEPATH property has gone through FORECLOSURE; that would mean that all LIENS have been identified and satisfied.
If a LIEN still existed, undetected, it would be covered by the Title Insurance which you would get.
You seem to have a thirst for details; I would recommend talking to your Escrow Officer when you have one: They work bi-laterally, for you and the Seller; meaning, they work for YOU. Use Them!
Good luck and may God bless