Short Sale Chicago

Avoid Foreclosure. I Can Help.

* GREAT PROGRAM FOR THE BUYERS

HOMEPATH is a new Fannie Mae program which makes a purchase much easier.

Only Fannie Mae foreclosures qualify for the program.

REQUIREMENTS OF THE HOMEPATH PROGRAM:

1. DOWNPAYMENT: only 3% of purchase price for downpayment
2.CLOSING COSTS: buyer will get up to 3.5% of purchase price to cover closing costs
3. SOURCE OF DOWNPAYMENT: downpayment may come as a gift, grant, or loan from a nonprofit state or local governmet as well as from employer. of course one’s savings will always qualify as downpayment
4. MORTGAGE INSURANCE: there is no mortgage insurance (which is required with conventional loans if the borrower has less than 20%  downpayment (saves about 0.75% of loan amount)
5.  APPRAISAL: no appraisal (saves $350-400)
6. RENOVATION LOAN: if necessary renovation loan is possible
7. INCOME AND PRICE LIMITS: no income and price limits
8. OWNER OCCUPIED: property has to be owner-occupied

The HOMEPATH program has been offered since September 23, 2010. The closing must occur within 60 days of the contract date. All closings must be completed by December 31, 2010.
Fannie May says that you have to be under contract by the middle of November in order to close on time.

So what about the properties qualifying for the HOMEPATH program?

As of today there are 1,305 properties in Cook county in the program.
I checked  a few towns in the Southwest Suburbs of Chicago and came up with these results:

Oak Lawn – 9 properties
Burbank – 1
Alsip – 4
Worth – 1
Bridgeview – 3
Palos Hills- 1
Hickory Hills –  7
Justice – 1
Lemont 2
Lockport – 10
Romeoville -11
Willow Springs – 3
Orland Park – 1

Seems not that many but one of them might be just for you. After all, you never know how you are going to find your dream house, do you?



Barbara Pedersen
Realtor®

If you need more information, the list of HomePath homes, advice and help
feel free to call me at 708-539-9900
or e-mail:

b.pedersen@comcast.net

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October 3, 2010 - Posted by | Uncategorized

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