By Simon Volkov

Fannie Mae Homepath is a government-sponsored home buying program that offers discount-priced foreclosure homes. Buyers can apply for financing through Home Path Mortgage to receive special incentives and low-interest mortgage loans.

Additionally, many of the Fannie Mae Homepath properties are eligible for Neighborhood Stabilization Program grants offered through the Department of Housing and Urban Development.

First time home buyers find Fannie Mae homes attractive because they are often priced 10- to 20-percent below market value. Although foreclosure houses often require repairs, these costs are factored into the purchase price.

One attractive financing feature offered through Home Path Mortgage is the option to apply for renovation loans to offset repair costs. When buyers purchase houses requiring repair work through conventional mortgage lenders they may not qualify for construction loans.

Those who do qualify are often forced to pay higher interest rates and then refinance mortgages into a conventional home loan once repairs are complete. This can add a substantial sum to the overall cost of the mortgage loan.

First time home buyers who have not established a strong credit history find Home Path Mortgage a good option because lending criteria is not as stringent. This program has a minimal down payment requirement which makes it attractive to those who cannot afford a large down payment.

Fannie Mae Homepath homes can make the perfect first home, but buyers should take time to thoroughly research the property and obtain repair cost estimates. The Fannie Mae website provides pertinent information which should be reviewed by first time home buyers who have never undergone the process.

Buyers of Fannie Mae foreclosure real estate will need to obtain preapproved financing before submitting purchase offers. It is important to realize that “preapproved” does not equate to “approved” financing. Instead, it shows lenders how much buyers can afford and reflects they may qualify for financing as long as the purchase price falls within a specific price range.

One consideration of submitting purchase offers for Fannie Mae Homepath properties is chances are high multiple offers will be submitted for the same property. Many of these houses are sold within days after being listed on the Fannie Mae website. It is strongly recommended to submit the highest offer upfront.

Fannie Mae rarely entertains offers for less than the asking price. The only possibility of buying these houses for less than the asking price is if substantial damage is discovered during property inspections that were not revealed when property was repossessed.

Buyers who purchase Fannie Mae homes in communities where foreclosure rates are high might qualify for NSP grants. Each state receives allocated funds annually which must be used to buy, sell, or rehab foreclosure homes which meet the criteria. This is a great way to offset repair costs or reduce the overall cost of foreclosure homes. Interested buyers can review details of HUDs NSP grant program at HudNSPHelp.info.

Fannie Mae Homepath properties can be a rewarding choice for buyers uncertain of whether now is the time to buy a house. Declining property values have scared many people from buying houses, along with financing restrictions.

Only you can decide if now is the time to take the plunge. If so, take time to research availability of NSP grants and Home Path Mortgage financing options. Combining these programs with the purchase of Fannie Mae Homepath properties can potentially yield substantial savings.

About the Author: In addition to being a good option for first time home buyers, Fannie Mae Homepath can be a good choice for investors. Real estate investor, Simon Volkov shares additional information and resources about buying foreclosure homes via his investing website at SimonVolkov.com.

Source: isnare.com

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By Stephanie Larkincs

An agreement of sale is basically a contract between you (the homebuyer) and the person who currently owns the home. When you get an agreement of sale, it is easy to feel so excited that you sign right away. However, there are a number of things you need to do before signing the agreement of sale, since after it is signed you may not be able to make any kinds of requests or get out of the deal. Here are the top ten things you should do after you get an agreement of sale:

1. Read the agreement of sale start to finish.

You’ve probably already discussed everything in this document with the homeowner. However, when the contract is drawn up, there may have been extra things thrown in, and if you don’t agree with these terms, you need to fix the contract before you sign. If you just skim the document, you could miss things that come back to haunt you later.

2. Get a home inspection.

Before you purchase the home, you should get a home inspection. This home inspection will uncover any problems that might be present, even if they aren’t easily spotted by the naked eye. Home inspections might be a bit pricey, starting at around $500, but they are well worth the money. If you’re required to sign the agreement of sale before you can get the home inspection done, it should have a clause that releases you from the contract if problems are found with the home.

3. Make sure that there is a mortgage clause.

Sometimes, even if you think you have good credit, it can be hard to get approved for a mortgage. If you haven’t been pre-approved, you might find that you can’t get a loan in the amount you need, and if this is the case, there should be a way out of the contract. This clause should specify an interest rate. Otherwise, you could be forced to get a mortgage and a very, very high interest rate just to fulfill the contract.

4. Determine who will pay for utilities and other related expenses while the deal is in escrow.

If this is not in your agreement of sale, you need to talk to the homeowner about it. They might assume that you’re paying for all or some of these costs. In reality, however, these things should be at their expense until the title is transferred. Everyone needs to be on the same page.

5. Find an escrow company.

Your realtor might be able to help with this one. You and the current homeowner need to decide on an escrow service. Research the company fully. There are a lot of dishonest escrow services that will take some of the money, as well as a number of scams. You need an escrow service you can trust and that you and the current owner both agree upon.

6. Put your money in escrow.

Once you’ve decided on an escrow service, put your money in escrow. Adding your down payment to the escrow account means that you’ll be paying escrow fees whether or not the deal goes through, so keep this in mind.

7. Do a final walk-through of the house.

Before you transfer the title, it is important to look at the house once again to make sure that there haven’t been any recent damages. If there have, you should ask the homeowner for information about how it occurred. You should also ask for a credit or that the damages are repaired before you officially purchase the house.

8. Make any corrections you need to the contract.

Before signing, it is important to make a new copy of the agreement of sale and reread it once again. Even if you hand-write a note on the copy, you should reread everything to ensure that it is exactly what you need. If there are any discrepancies at all, they could hurt you later.

9. Meet with mortgage lenders.

If you have not already been pre-approved for a mortgage, now’s the time to start booking for one! Take some time to clean up your finances, and then begin applying for a mortgage. Make sure that you closely compare interest rates, terms, and other conditions offered to you. Every deal will be slightly different.

10. Begin budgeting!

Lastly, now is the time to really start putting money away for your mortgage payments every month. You do not want to fall into a foreclosure situation! Pump up your savings by sticking as much as possible in the bank out of every paycheck. That way, when the deal officially goes through, you’ll be ready to make payments every month.

About the Author: Stephanie Larkin is a freelance writer who writes about large businesses for home owners such as Old Republic Home Protection and American Home Shield.

13seersolutions.com/

Source:

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Probate Attorney Talks Continuing Care Retirement Communities

by

Darlynn Morgan

By Darlynn Morgan, Probate Attorney

As a Probate Attorney, I often help my clients plan ahead for the type of living assistance they may want (and may ultimately need) when they reach the golden years. However, when it comes to such options, most people only think of three things: living at home, nursing homes or assisted living centers.

But, happily, there is another fast growing option available to American seniors the Continuing Care Retirement Community or CCRC .

A CCRC combines the services of an independent living retirement community with an assisted living facility and nursing home, all on site.

Residents of CCRC s pay an entrance fee and an ongoing monthly fee for services. In return, they receive all the benefits of independent living (their own private living quarters, the ability to continue driving, etc.), along with the security of knowing they have excellent assisted living or nursing home care available to them on site and within reach for the rest of their lives.

A Not For Profit Option

Unlike most assisted living or nursing home facilities in the United States, most CCRC s are not for profit. Many are operated by charitable or religious organizations.

If the CCRC takes in more money than it requires for operation, the money is reinvested in the retirement community itself and benefits the residents not some unknown group of investors. This is a real benefit to the residents because it allows them to remain in the CCRC if they outlive their own assets.

That is not the case with most for profit long term care facilities. If their residents outlive their own assets, they must either move out or apply for assistance from the government and hope they qualify.

A Higher Standard of Living

While many people think that the chief component in the CCRC is the continuing care, in reality most of the investment in CCRC s is made in the independent living facilities and on-site amenities. In most cases the residents have spacious apartments or cottages with modern appliances and their own furnishings. And many facilities have pools, spas, fitness centers and organized activities for the residents.

And since financial surpluses are invested back into the community, profit is not a consideration in the health care services provided to the residents. Staffing is often twice that of for profit facilities and many CCRC s offer private rooms for all levels of care rather than the semi-private rooms in most nursing homes.

So How Much Does a CCRC cost?

While some of the newer CCRC s are designed to appeal to the well-to-do and have fees to match, most are designed for, and are well within reach of, middle class seniors. Many of these communities have been around for years, but the public is just now catching on to the benefit of this type of living arrangement.

CCRC fees will vary according to the type of services and amenities offered. There are basically two types of contracts:

Lifecare communities will have higher initial fees but the monthly fees usually do not increase as the resident requires additional care. That makes the monthly expenditure more predictable and easier to budget for. Modified contract communities offer a lower entrance fee and monthly fees but the monthly fee increases as the resident requires additional care. These increased fees can be substantial so it s a good idea to discuss this at length before you sign a contract. Initial entrance fees for a CCRC can range anywhere from $105,000 to over $1 million depending upon where they are located and, of course, the amenities available. However, many communities will refund a portion of the entrance fee upon the death of the resident. Be sure to ask about this possibility when interviewing a CCRC facility.

The monthly fees can range anywhere from as low as $1,400 to as high as $4,000, again depending on the level of care needed and the amenities, much the same as the entrance fee.

Another Benefit The Tax Write Off

One of the little known benefits of a CCRC is that a portion of both the entrance fee and the monthly fee is usually tax deductible in the year that they are paid as prepaid medical expenses.

The percentage you can deduct usually ranges from 25% to 30%, and that can make a serious difference in the amount of income you pay taxes on for that year.

CCRC s are an attractive option for American seniors and one that is well worth planning for. Most of us want to remain independent in our later years. While none of us knows what our health situation will be as we age, we do know that we want the best care available with as little burden on our loved ones as possible. The CCRC allows us to cover all the bases.

Darlynn Morgan is an estate planning attorney in California, specializing in wills, trusts, asset protection, guardianship, special needs planning and

Orange County probate

. She is recognized among the top 5% of lawyers in Southern California and frequently quoted on CA estate planning issues. Locals can receive a free Family Wealth Planning Session with Darlynn ($750 value) by calling 949-260-1400 or visiting our

OC estate planning

website.

Article Source:

ArticleRich.com

SENIOR CARE HOME

by

jaimespauls

Home care means a caring centre for adult people that the home assists to stay many adult people with their family or as single. The home care offers the adult people all facilities like medical care, home care etc. The main problem that all senior people facing after their retirement is that they may face the problems like loneliness that they feel nobody is to care for them and getting tensed about many things. Senior home care homes are the living space or living home for senior people. It is the dream of all people to get a peaceful happy life after their retirement. Because of this many are investing a good amount to spend their days after retirement. There are many senior care homes which offer the elder people with a peaceful happy life. Also the senior living homes provide an ambience which could make the elder people live happy and healthy. In a senior home the senor people will get all facilities like food, medicine, health care, etc in proper amount that they never feel or face the lack of happiness.

Many old age people prefer to stay at senior home as they getting aged they like to live in a calm atmosphere. There is wide range of home care services which provided by the senior people home which will come helpful to those adult people to maintain the independence within the comfort of your own home. Among the service providers of senior nursing home you can choose the right one and gets the chance to live happily with your loved ones. Some home care centre offers living space or rooms or even villas for family which include one or more number of rooms to stay with their partner and can enjoy the life happily and peacefully. A senior home caring centre have some more advantages than a nursing home that in a nursing home there the senior people gets only the medical care and health care tips and can keep the same level of comfort that they get from their own home. But it needs to pay some amount as rent for or food, other services to the home care centre.

When compared to the nursing homes the senior home care or senior home is the care homes for adult people that offer living space, health care treatment, food etc. Also the home care service includes some sort of meditation practice, yoga etc which could help the adult people retain their health. In the earliest stages of life all old people they like to live happily and peacefully. After getting retirement form all responsibilities the older people spend the remaining of life at a place where they get the perfect level of comfort, and other basic amenities to live. In a senior home there is the possibility for adult old age people to spend their earliest stage of life quite peacefully and with comfort. The senior caring homes offer a full day full time services to all people.

Elderly Home Care

and

Senior Living

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