Myrtle Beach Home Path Approved Properties

As you already know the real estate market across the country is slow, Myrtle Beach is no exception. The number of foreclosures in Myrtle Beach are higher than they have ever been.

The good news is a lot of the banks are pricing properties to sell. Most banks are trying to move bad debt off their balance sheets as quickly as possible.

The bad news is financing is tough. A few years ago a good credit score was really all you needed and if you had a little cash to put down, your credit didn't have to even be that great.

Now days financing options are a lot more limited. The banks wants to see that you have a downpayment, a secure income, payment reserves incase you loose your job and they want to see that you have had all of this for a couple years.

But you don't have to wait to buy, there are a few programs that you could qualify under or the property you are buying could qualify under.

"Home Path Approved properties"

Home Path is a program created by Fannie Mae to help them sell the foreclosed properties they own.

Here are the benifits of buying a Home Path approved property

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage

Remember not all foreclosures are HomePath approved.

For more information on buying a HomePath approved property contact us at 843-997-7555

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