Real estate tips to guard against losing your home

Real estate tips to guard against losing your home Time and time again, home-buyer wannabes state that the reason they are still fence-sitting is that they don’t want to end up in the same trouble the last generation of homeowners did. Well, there’s a very slim chance of that happening, given the changes in the …

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Distressed Dispositions Outpace New Delinquencies as Shadows Shrink

The industry’s shadows are shrinking, according to CoreLogic. The residential shadow inventory of unlisted REOs and soon-to-be REOs stood at 1.6 million units as of July 2011, based on the analytics firm’s calculations. CoreLogic says that tally represents a supply of five months and is down from 1.7 million units in April and 1.9 million …

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HomePath loans can make buying foreclosures easier

Getting a mortgage loan on a foreclosure can be difficult. More and more buyers are discovering HomePath as a bypass to purchasing roadblocks. Learn the pros and cons to see if one’s right for you.

Like many other homebuyers who consider buying a foreclosed home, Chad Kinney was disappointed when he learned it would be difficult to get a mortgage for the property he chose.

The Fannie Mae-owned house that he wanted to buy needed repairs and would likely not pass the property inspection required by mortgage lenders, he was told. That’s when the listing agent suggested he apply for a HomePath mortgage, which doesn’t require mortgage insurance, a property inspection or appraisal and is offered exclusively to borrowers buying homes from Fannie Mae.

“That was the first time I ever heard of HomePath, so I started researching,” he says. “To me, the selling point was my monthly payment is lower and I can get an additional $15,000 for renovations.”

Fannie Mae started offering HomePath loans and HomePath renovation mortgages in 2009 to unload the thousands of homes the agency repossesses through foreclosure.

The little-known program has been gaining popularity in recent months, but many buyers are not aware of it and don’t understand the pros and cons of HomePath financing until a broker or agent suggest it to them, says Brent Kluge of PrimeLending in Timonium, Md.

How HomePath works…

Industry Insiders Weigh in on Case-Shiller Uptick

In what Standard & Poor’s analysts described as a “welcome shift from recent months,” the closely watched S&P/Case-Shiller index showed its strongest positive movement since June of last year with the release of Tuesday’s report. The 20-city composite reading posted a 0.7 percent increase in April versus March. The 10-city composite was up 0.8 percent. …

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