Take a look at the Battle Creek, Michigan area and you'll see a variety of homes for sale. From big homes to small abodes, your Cereal City housing market is full of diversity. One of the options for Battle Creek mortgage loans includes the Fannie Mae option called HomePath. What is HomePath? It's essentially a financing option available to home buyers considering a Fannie Mae-owned home. In other words, it's using Fannie Mae-backed financing to buy a home Fannie Mae owns through foreclosure.

What's the better home improvement loan option when it comes to buying a fixer upper? What mortgage will pay for the remodeling you want, or the renovations you need? And just how much will it all cost? If you're looking at a house that needs some extra attention - maybe it's missing the furnace or needs a new roof and paint - then you're probably looking to compare the top home improvement loans: FHA 203k vs HomePath Renovation. 

October 2012 update: Find out how to become a 2013 first time home buyer here.

>>> Update: Find out why 2012 is also the year for home improvement loans. Also check out the video below for some 2012 first time home buyer credit tips.

Low interest rates, low prices, great deals...it's definitely the year for first time home buyers. In fact, did you know that interest rates are at 60-year lows right now (for most buyers*)? With rates below 4% for some loans, it's a shock to those who remember paying 12-15% interest rates in the past. Those low mortgage interest rates alone may sway many borrowers into at least considering buying a house. Couple that with low prices from dropping values and foreclosures, and you have yourself a buyer's market. First time home buyers have several mortgage loan options when it comes to tackling this buyer's market. Let's look at a few scenarios.

As a home buyer you have quite a few options for buying and financing a house. You could buy a newly constructed home no one else has ever lived in. You could buy a vacant home owned by a bank that was foreclosed. You can look at fixer-upper homes - or started homes - that you can add your touch to and make your own. You could look at urban homes with neighbors only inches away or rural properties where you couldn't hit the next house with a rock. For financing, you could look at a conventional mortgage, and FHA loan or the USDA Rural Development. Let's add another layer: HomePath and HomePath Renovation.

Once a home is foreclosed, the water and electricity are turned off and over time, it becomes overgrown and shady looking. Yet most foreclosed homes are an unpolished diamond in the rough that can be transformed  into a lovely haven especially for first time home buyers.

A number of issues are involved with buying foreclosed homes, not the least of which is a clear title. When people think of taking on a home associated with a troubled mortgage or related default, many worry about the inside of the home or its systems being damaged by the previous owner’s anger. However, while such damage where it occurs can be frustrating and a financial problem, a disputed title can be much worse.

For home buyers with small down payments looking to get a "good deal" on a house, HomePath® can be a great mortgage loan option. This option is for Fannie Mae owned homes specigically. Fannie Mae owns housing stock across the country due to all the foreclosure activity over the last few years. Now the mortgage backer wants to get rid of these properties - it's not in the business of owning homes.

Home ownership is the greatest investment a first time home owner can make. Being fresh from college, you well know this. Renting a home will mean that you will be paying the landlord’s mortgage. Living with friends or relatives cannot give you the comfort you desire.

Home foreclosures are, unfortunately, happening in every part of the country due to the economy but this provides an excellent opportunity for many. Buying a home foreclosure can save you a great deal of money. A foreclosure can come to you in excellent condition or may be in need of repairs. If the home you are interested in "needs repairs," there are many things you can do to renovate and repair without busting your budget.

It is a thrilling prospect to finally own a home. In the current economy though, there is a high mortgage repayment delinquency rate. Many borrowers are defaulting on their mortgage payments and there is a high rate of home foreclosures. Faced with such circumstances, many  are opting for foreclosure rather than having their home repossessed.