What does homeopath mean?

Asked by Sviloria25, Pompano Beach, FL Sat Aug 20, 2011

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This question is about this property: http://www.trulia.com/property/3051029298-698-SW-1st-Ave-Pom…

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Jose Morales, Mortgage Broker Or Lender, Lutz, FL
Sun Aug 21, 2011
Homepath is a program by Fannie Mae designed to get rid of their foreclosures faster. As a result they sponsor the Homepath financing where you can buy any of their properties with as little as 3% down, there is no mortgage insurance and no appraisal is required. The no appraisal requirement is huge. Not only do you save about $400 in appraisal costs but it allows you to buy the house as is with your lender requiring any small defects before closing. As usual it is strongly recommended you do an inspection before you buy so you know what you are getting into.

Right now they are even offering to pay 3.5% of purchase price towards your closing costs on select properties if you close by 10/31. For more information got to http://www.homepath.com. One more thing, you don't have to use the homepath financing to buy a homepath home. You can still use a regular FHA, VA or conventional financing. But with these programs appraisal could become an issue if the property appraises for less or it is found that the property needs certain repairs.

We do offer the homepath or any other program if we can be of service to you.

Jose Morales
Florida Mortgage Coach
NMLS #:225888
“We Coach You Through the Mortgage Process”
561-432-9237
info@floridamortgagecoach.com
2 votes
John Juarez, Agent, Fremont, CA
Sun Aug 21, 2011
Since HomePath loans do not require an appraisal, it is very easy to overpay for a HomePath property that would never appraise at the listed price. In buying a HomePath property, as in buying any property, it is important to work with an experienced Realtor who can advise you on proper pricing so that you do not over pay.
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