One of the problems with buying a Fannie Mae foreclosed property or HUD Home is that one never quite knows what they are getting themselves into with respect to the physical condition of the home. There have been many TV News stories showing the insides of a foreclosed home that show the interior of the home trashed by the previous owner.
Luckily, Fannie Mae through its HomePath Mortgage Program, a flexible home purchase mortgage program, offers the HomePath Protection Plan or home warranty service contract for anyone using the HomePath Financing Program to buy a Fannie Mae foreclosure property.
Buying a Fannie Mae Foreclosed Property - Get A Home Warranty For Free
Ordinarily, when you buy a home your real estate agent will recommend, or the very least offer the advice, that you should consider getting a home warranty policy to protect you against defects with the home.
If you are buying a foreclosed Fannie Mae Home or Hud Home using the HomePath Mortgage Financing Program you may not have to purchase a home warranty - Fannie Mae may buy it for you.
Old Republic Home Protection Services - HomePath Mortgage Home Warranty Provider
With Fannie Mae's new HomePath Mortgage Program, qualified home buyers using this program may not need to negotiate or purchase a home warranty policy. Fannie Mae has set up what they call the HomePath Protection home warranty program through Old Republic Home Protection Services, Inc.
The HomePath Mortgage Old Republic Home Warranty Service Plan covers repairs or replacement of A/C and heating systems and other major appliances like kitchen appliances, water heaters, garage door openers and roofing. Other homes systems like the electrical and plumbing systems are also covered with the home warranty protection plan.
If your home qualifies, Fannie Mae will pay to cover your home for six months. Old Republic Home Warranty will provide you with an opportunity to extend your coverage for another 6 months to provide you coverage for up to a year.
You will need to check with your real estate agent to see if you need to purchase a home warranty if you plan to buy a home using the HomePath Mortgage Program.
To find a HomePath Mortgage or Real Estate Professional in your area, complete the form below.
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