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Homepoint offers borrowers a $500 loan to cover appraisal costs, making it “convenient” for homebuyers to buy now rather than wait.
The wholesale giant announced Monday that it will offer $500 appraisal credits to prospective homebuyers in all 50 states as part of an ongoing effort to increase home affordability.
In August, Homepoint launched an incentive for borrowers that cut the price of bad loans in U.S. zip codes by 75 basis points.
Homepoint president Phil Shoemaker said it’s always a good thing that homebuyers have more options to save money, especially in the current environment of higher interest rates.
Homepoint’s “creditworthiness” rating, which has no scheduled maturity date, is available on Fannie Mae-owned general home loans for sale designated by the agency as special HomePath properties.
The HomePath program allows home buyers to offer and buy properties from Fannie Mae before the properties are offered to investors.
According to Shoemaker, homebuyers can already lower their mortgage rates and borrowing costs by getting a home loan through an independent mortgage broker, and now we’re helping people save $500 on their appraisal.
This is a significant savings opportunity offered by mortgage brokers who can help potential buyers purchase a home comfortably without waiting.
Reference Source: MPA
