Top 5 Reasons to Love the Homepath Mortgage in Illinois
Okay so a couple weeks ago I was meeting with a new agent who I just started working with and he asked me, "Roy, why are you so excited by the Homepath Mortgage?" I sat back and started listing of different things I liked about the Homepath Mortgage. After my meeting I thought what a great idea for an Activerain blog post. So without further adieu here are the "Top 5 Reasons to Love the Homepath Mortgage in Illinois".
- The loan process is quick and typically you can close within 10 days.
- No appraisal is needed. No more HVCC issues or lag time.
- No repairs required- no delays or renegotiation due to repairs required by the appraiser or the underwriter.
- The sales price of the property is not limited by the appraised value which is great if there is a lack of comps.
- The asset managers would rather take a Homepath mortgage offer over an FHA, USDA or Conventional mortgage.
So let's expand on a couple of the points. Reason number three can be huge because these homes are foreclosures and may not be in perfect shape. If an appraisal is done there could be items that need to be repaired thus delaying the closing and possibly killing the deal. Reason number five can be huge. Lets say an asset manager has three different offers for the same home one with a Homepath mortgage, one with an FHA mortgage and one with a normal conventional mortgage. If the amounts offered are the same which mortgage program would seem the most enticing to the asset manager, the two that will require an appraisal or the one with no appraisal required? I have been told, off the record that the Homepath mortgage is preferred by the asset manager which does make sense. So there you have it the "Top 5 Reasons to Love the Homepath Mortgage in Illinois." There are quite a few other benefits of the Homepath mortgage as well as Homepath homes but the above reasons are just my favorites.
Roy E. Paeth
NMLS #225032
Open Mortgage LLC #2975
Email: roypaeth@openmtg.com
Phone: 815-899-3848
APPLY NOW: www.mortgagebyroy.com
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