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Date Created: 12/20/15
Best Mortgage Rates Near Madison Lead To Homepath It's no big revelation that foreclosed properties are readily available in towns and cities through out the Badger State. Once the economy collapsed so did the means of many people to keep up with their loan repayments. This unfortunately resulted in an exodus of past due financial loans and foreclosed properties. In Madison, WI the rate of foreclosures has never been higher and the real estate market is presently flooded with these vacant properties. Foreclosure in WI? Consider Homepath! Sad news for sure, but from your house purchasers point of view the market place is vine ripened for the picking with thousands of low hanging fruit to be plucked from the branch. Do-It-Yourselfers, Fixer-Uppers, Flippers, and individuals shopping for a nice price on a first time home purchase are all looking at foreclosed properties. Additionally theres a bit more good news! If Fannie Mae is the existing agent of a residence you have in your sights there's certainly a good possibility it will be approved for a Home Path financial platform. HomePath programs translate to super low down payments for one. Who can complain about low down payments? They are awesome! And that pesky PMI Mortgage Insurance that sinks it's teeth into many other financing programs....hit the bricks! Homepath loans slam the door on PMI, to the delight of many a home buyer! And lets sweeten the deal even more with this: No Appraisal Fees! Why? Because appraisers aren't necessary to close these loans types. Nice! And you don't necessarily have to be consider a move in ready family to take advantage of one of these options. Investors and Real Estate Flippers have an open invitation to qualify for these loans. Freddie Mac wants to sell these foreclosures in a big-big way. They want them gone fast! As a result they have opened up the Homepath programs to more than just families looking to move in permanently. Investors require a higher down payment though. In fact there's even a Renovation variant of the loan which incorporates money for rebuilding and remodeling the home into the lump sum of the loan value. This makes it uber convenient for folks needing cash to fund a fix up or addition to the home. OK it's not all good though. There is the rate thing. Interest rates are a tad higher with HomePath loans vs conventional programs. But guess what? This is quickly offset by the lack of PMI (Private mortgage Insurance). So the buyer still comes out ahead when signing into one of these options. Plus don't forget the hundreds saved by not having to deal with an appraisal. Factor all of this together and you have one golden option for purchasing a foreclosed home in Wisconsin! In order to take advantage of the low 3% down down-payment option you're going to need a halfway decent credit rating though. Usually somewhere around a score of 650 will get you through the door, but anything lower than that and you may not qualify for the super low down-payment option. Wi Mortgage Brokers
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