If you’re in the market to buy a Knoxville foreclosure, you’ve probably stumbled upon a HomePath home. There are several different types of foreclosures and bank-owned homes in Knoxville, and all of them are a little bit different. Knoxville HomePath homes offer a unique opportunity for buyers, so here is a brief rundown of what HomePath homes are and what sets them apart from other foreclosures.
What Is A HomePath Home?
Simply put, HomePath homes are foreclosure properties owned by Fannie Mae. In comparison to other foreclosure for sale, HomePath homes tend to be kept in better condition that some other foreclosures. Generally, these homes need less work than other foreclosures because Fannie Mae goes in and makes important repairs prior to putting the house on the market.
What Are The Benefits Of A HomePath Home?
One thing that sets HomePath homes apart is that they are eligible for a HomePath Mortgage. With the help of a HomePath mortgage, a buyer can purchase a foreclosed property with no mortgage insurance, a down payment as low as 3%, and buyers are able to financing repairs, in some cases. Buyers are also able to purchase the home as a primary residence or second home, which is helpful for investors. Also, buyers who don’t have a down payment, can have one gifted.
In addition, when buying a home with a HomePath mortgage, buyers are not required to pay for an appraisal. HomePath homes are appraised prior to being put on the market, so the appraisal is provided to the buyer for no cost, if they use an HomePath mortgage to buy the home. This can save a buyer anywhere from $300 to $450+.
HomePath foreclosures for sale offer buyers a unique opportunity to buy a foreclosure at a low price. Compared to other foreclosures, Fannie Mae foreclosures tend to be kept in better condition that other Knoxville foreclosures.
If you’re interested in buying a HomePath home for sale or exploring HomePath Financing, be sure to check out lenders in the Knoxville area that specialize in this type of loan.
Are you looking to buy a Knoxville short sale or foreclosure? We’d be more than happy to help in anyway that we can. You can contact Rick at 865-696-9002 or via email at [email protected]. You can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure you check out our home search page to see what short sales and foreclosures are for sale in the Knoxville area.