Expresspath Financing A Solution For REO Sales
Expresspath financing is available only on Fannie Mae REO properties. This is a special type of financing that can make getting into the home of your dreams a reality as there is a very low down payment of $500, low interest rates, waived mortgage insurance, and 15 or 30 year terms. Consider going with expresspath financing if you want a REO property.
REO stands for “real estate owned” and it means that it is a property that the bank has foreclosed on. Generally, you will get a better deal on a REO property than you would if it were available from an initial homeowner. This is because the lender is not in the business of owning or managing properties. Therefore, they have an incentive to get the homes off of their books. Expresspath financing was developed specifically to get homes off Fannie Mae’s books.
ExpressPath financing uses a low down payment fee (also known as LDPF), which means the mortgage insurance is not built into the rate. Buyers are able to compare rates from other lenders more easily with LDPF. There is a “MIsubstitute”, which is comparable to traditional mortgage insurance that a buyer would pay.
For owner occupied single family homes, 100 percent of the loan can be financed through expresspath. However, the new homeowner is expected to make a token $500 down payment. The $500 may be used for closing costs.
A property must be “owner occupied ready” to qualify for expresspath financing. That means that no significant repairs must be made in order for the home to be habitable. The NPDC makes the final determination on whether a home is owner occupied ready. The NPDC is authorized to make repairs themselves to make a home owner occupied ready.
You will get a low down payment loan with an interest rate between 0 and 3 percent. Additionally, you can get up to 5 percent back as a seller concession. Expresspath financing is available in 15 and 30 year loan periods.
Investors who can put down 10 percent of the loan are eligible for all of the benefits of Expresspath financing. Investors may receive appraisal waivers, reduced documentation, and all of the PHH Mortgage Guarantees
Additionally, manufactured homes are eligible for expresspath financing if they are coded correctly. The maximum loan to value on a manufactured home is 95 percent. Unlike traditional properties, manufactured homes must be owner occupied to qualify for expresspath financing.
One of the benefits of expresspath financing is that the appraisal is done before the home goes to market. When the buyer goes for financing, approval can be quickly granted based on your own credit and income information and is not dependent on the home’s performance.
Expresspath financing is a quicker way to get into your new home and you can often get a better rate by using the system. When you apply, you get a loan decision (not just pre-qualification) in 30 minutes or less.
If you are looking to buy a new home in today’s market, give expresspath financing a second look.
How to Support Your Spouse After a Job Layoff
Job layoffs are becoming a weekly occurrence. Somewhere in America, at least one company decides to layoff employees. Layoffs are becoming so common that you may know someone dealing with one firsthand. In fact, that person may be your husband or wife. Losing a steady full-time income is stressful. You may have your own worries, but you need to be available to support your spouse after their job lay off. How?
Be there to talk. Sometimes, you just need to listen. Your husband or wife will go through different stages of emotions. Anger is usually the first. Listen to them rant and vent. Then, fear and panic usually comes next. Assure them everything will be okay. It may take a few months, but they will find a new job. Moreover, there is still your income to fall back on. If the situation does not improve, depression may come next. Unfortunately, your shoulder to cry on and ear to listen may not be enough. Professional help may be needed.
Talk about health insurance. Many families have two health insurance options, but rarely need two coverage plans. For that reason, either you or your spouse are providing health insurance for the family. If your wife was laid off and she provided insurance, closely examine all options. This should be done immediately to ensure your family, especially the children, are not without medical coverage. Is it cheaper to buy COBRA coverage or health insurance through your work?
Provide support with finding a new job. With the poor job market, it is harder to find a job after a layoff. There are millions of Americans looking for work. In the past, a job that may have only had 50 applicants may now get as many as 250. Your husband may have a great job interview, only to later learn he didn’t get the job. Finding a job in today’s economy isn’t easy; it will be a bumpy road. Once again, be there to listen and provide support.
Tactfully provide advice. Some Americans getting laid off from their jobs have worked with the company ten, twenty, or even thirty years. If your spouse is one of these individuals, he or she likely hasn’t job searched, applied for jobs, or had an interview in years. They may not know where to start and they are likely to make mistakes. It is easier to catch them from the outside looking in. Notice your wife isn’t dressing properly for a job interview? Mention it, but be polite. In fact, offer to take her shopping to get a new outfit.
Give your spouse freedom to make a new choice. They may want to go back to college, take a few career-training courses, or even change career fields. As long as you can afford it, let them try. Not only that, offer your support and encouragement. Layoffs are scary, but they provide many Americans with a clean slate.
Don’t expect your spouse to do it all at home. If actively looking for a job after a layoff, your spouse will be in and out of the house. However, much time will be spent right at home. Do not create unrealistic expectations. Yes, your wife is home each day; however, that does not mean you can expect her to have dinner ready each night, clean the house, and care for the kids. Take it one-step at a time. Of course, they should not spend their days at home sitting on the couch doing nothing, but don’t overwhelm or burden them with too much.
FTC Stops ‘Reduce Debt Now’ Scheme
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FTC Stops ‘Reduce Debt Now’ Scheme - Consumer Affairs
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