Home Path reviews?

[sharriel]

I found a house that I love but it is through the Home Path program.  Anyone have experience with it?  Yay or Nay?

[BrianB_The_Loan_Professor]

Home Path is a great program - it now requires a minimum of 5% down but does not require an appraisal or MI

You may want to do your homework on value to make sure it is at or below market - I have heard of homes being out of whack with the market and prices higher than they should be.

Good Luck

Brian

[StartingOver10]

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@BrianB_The_Loan_Professor wrote:

Home Path is a great program - it now requires a minimum of 5% down but does not require an appraisal or MI

You may want to do your homework on value to make sure it is at or below market - I have heard of homes being out of whack with the market and prices higher than they should be.

Good Luck

Brian

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Yes, Brian is right. Also remember the seller will accept offers with other types of financing too (FHA/VA and conventional). Just because it is offered with a Homepath financing opportunity it does not mean you have to use Homepath financing to get it. Homepath is Fannie Mae.

Be careful, Brian's last sentance is dead on point. The Fannie Mae properties in my area have a tendancy to have a list price substantially above market value.

[fdiggy]

exactly what above said, they market the houses well above market value, hence no appraisal needed. its mind boggling our housing is so messed up right now with underwater loans and to the rescue the Gov selling houses to us that you start out 30% under water.

Also my brother does repairs on foreclosures for Fannie, they do these as cheap as possible. You know formica counters the cheapest ceiling fans light fixtures can be found. Painted from wall to roof all 1 color. Mold behind cabinets is just covered up not treated. I looked at Homepath when i started the home search, i am glad i didnt choose that option today, at the time i didnt know any of this. But thats why they are easiest housing option, you are not getting good deals at all. If you just need 4 walls and plan to renovate maybe its an option as long as house has been listed for 6 months so its now priced at market value. They will lower price on most of their houses $10k per month till it gets down to market value. I watced one house that started at $129k was down to $99k 6 months later and it still sat for 2 months at that price. Another right down the street from the house i did buy started at $149k sold at $115k.

[sharriel]

WOW! Thanks for all the advice!! I sure do appreciate it! This house seems too good to be true.  According to what I have seen, the house is worth $179K and is in foreclosure.  It was at $149K for the ast month and this morning I got an alert that it is down to $139K.  I have not looked at it, only drove by a few times.  Something I thought was REALLY off inthe pics that I saw online is that the stove & refrigerator are RIGHT next to each other!  I have never seen that before.  Maybe I will keep looking!

[StartingOver10]

There is a difference between property that is "in foreclosure" and property that is bank owned.

A Homepath property is a property that has already been foreclosed upon.

The condition issues mentioned above are so true. You have to be careful with a 'renovated' Homepath property. You definitely want to make sure you do the inspections no matter how good it appears at the first look. Do all your due diligence with any home, but especially one that has been foreclosed upon.  I have seen many Homepath homes look good initially, but have all kinds of issues (termite damage, mold, entire rooms added without a permit etc) that were painted over or otherwise covered up just to market the property. Remember with a foreclosure the bank doesn't disclose anything - even when the bank has actual knowledge of it. The burden is on the buyer to discover the properties actual condition. Be careful.