A New Loan to Purchase Foreclosures – HomePath Mortgage

Lehigh  Valley Home Buyer Loans for TODAY not YESTERDAY. A NEW Loan to Buy  Foreclosures!  MAY 1ST 2010 Deadline – Use with The Home Buyer Federal Tax Credit.

THIS LOAN IS OPEN TO OCCUPIED Home Buyers and Investors!  Holly COW – Investors normally needs to put down 20%, right!!!! come on people…this is GREAT!

WOW! There is a new Mortgage Loan in town.  He is only staying local for Home Purchases that close on or before May 1, 2010.  BUT, That’s okay because to use the Tax Credit you need to be under agreement by April 30, 2010.  So, all agreements should be locked in with your Mortgage Lender by April 30th….Let’s take a look at how much money YOU WILL BE SAVING!!!!!

I am soooooo excited!

If you get an FHA Loan – 3.5% Down – This is the most common loan because it has the least restrictions, you can purchase a home anywhere in the Lehigh Valley OR EVEN PA FOR THAT MATTER.

Now with FHA – These loans have special Appraisals that cost you about $400 to 475.00 to get them and they will NOT allow you to buy a home that has chipping or pealing paint in a home that was built prior to 1978…if you are at a price range of 200,000.00 and under there is a really good chance you will be purchasing a home built prior to 1978….if you live in the Lehigh Valley Area.

WITH the NEW Temporary Fannie Mae HomePath Mortgage Program – You can purchase a Fannie Mae owned FORECLOSURE, with 3% down which can save you bucks on the downpayment (100,000.00 loan for FHA $3500.00 down – Same loan with 3% down is only $3000.00) So, you say what the heck?…$500.00 is NOT that much money? Yes, IT IS! With this $500.00 instead of using it for down payment it can be used for De-winterizing the property, Turning the Utilities on for the Home Inspecton and ordering the CO inspection. These are the major reasons why Home Buyer’s can not afford to purchase a Foreclosed Home due to these extra out of pocket expenses.  PLUS…THAT’S NOT IT! Fannie Mae will also give YOU 3.5% toward your down payment and closing costs!  Holly COW! on a $100,000.00 purchase the bank will give you $3,500.00 toward your down payment and closing costs or this money can but used to purchase appliances for your new home…one of the items that are usually missing from a Foreclosed Property! yeah, the previous seller usually takes the appliances with them, wouldn’t you?. Well, this can cost a New Home owner $3500.00 or more and HERE it is being paid for YOU! Awesome deal!!!!

So, now on a $100,000.00 property that is $4000.00 in cash that a Home Buyer can get on a Foreclosed Home….Let’s Review, FHA Loan gives you NOTHING and MAKES you put down an extra 5% and you can not even purchase many foreclosures due to the chipping and pealing paint!

NOW, Let’s see what local lenders are going to get on board with helping offer this program to home buyers.

So, Far I noticed on the following Mortgage Lender List of our Lehigh Valley Po
pular Direct Lenders so far…showing on the Fannie Mae Website is Wells Fargo- who are the other players?

Okay, so HERE are some links to help
Fannie Mae News Release Article 1-29-10
HomePath Financing Program Info

Don’t Forgot…Learn BEFORE you Buy your next home!