I think I mentioned it in your other post, but I was able to get about 5% on one and 6% on the most recent one. I did have to raise my bid to offset that, but they were both accepted. Good luck! I think FNMA is a great deal. I'd also try to ask for additional repair concessions after you're under contract and do a home inspection - it never hurts!

Thanks Ken doesnt sound bad I like the idea of using less money to get in and asking for seller concessions to offset some fees. The properties that i am bidding on are in the 50k range so a small interest rate hike isnt going to make much difference in payment. Also how much did you get back 3 percent concessions???

One other thing - I don't know where you're looking to buy, but I've been buying in Miami, and FNMA is EXCRUCIATINGLY SLOW if you use seller choice of title company trying to save a few bucks. I made that mistake the first time, and thought it was a fluke this second time; I elected to pay and switch halfway when the title company finally failed to perform. If my most recent deal closes when they say, it will have taken about 4 months from the date the offer was accepted (there are already been 2 extensions due to title delays). My first deal took close to 5 months to close.

I've done one homepath deal, and am waiting to close on another. I haven't looked at it recently, but I think the fees came out around 3-4% of purchase price. I had a friend who also purchased one, and said his were about that also. Both deals I asked for cash back at closing from FNMA, which helped pay all the fees. I did have to bid a bit more, but the numbers worked. Another thing to consider, is that typically your loan will have a slightly higher interest rate than what you could get for a conventional loan. Depending on the price of the place you're looking at, this might/might not make a big difference. I've been purchasing around the 60-80k range, so it wasn't significant.

Followed Discussions Followed Categories Followed People Followed Locations

Buying & Selling Real Estate

Market News & Data

Market Trends & Data

Buying & Selling Real Estate

Out of State Investing

Real Estate News & Current Events

Real Estate Technology

Investor Mindset

General Info

General Real Estate Investing

BiggerPockets Exclusive PRO Area

PRO

BPCON

New Member Introductions

Questions About BiggerPockets & Official Site Announcements

Off Topic

Starting Out

Real Estate Success Stories

Real Estate Horror Stories

Real Estate Strategies

House Hacking

BRRRR - Buy, Rehab, Rent, Refinance, Repeat

Commercial Real Estate Investing

Innovative Strategies

Mobile Home Park Investing

Multi-Family and Apartment Investing

Land & New Construction

Wholesaling

Rehabbing & House Flipping

Short-Term & Vacation Rental Discussions presented by

Tax Liens & Mortgage Notes

Medium-Term Rentals

Buying & Selling Small Businesses

Outdoor Hospitality

Landlording & Rental Properties

General Landlording & Rental Properties

Managing Your Property

Marketing Your Property

Tenant Screening

First-Time Home Buyer

Real Estate Professionals

Mortgage Brokers & Lenders

Contractors

Real Estate Agent

Financial, Tax, & Legal

Personal Finance

Creative Real Estate Financing

Insurance

Private Lending & Conventional Mortgage Advice

Tax, SDIRAs & Cost Segregation presented by

Foreclosures

1031 Exchanges presented by

Goals, Business Plans & Entities

Legal & Legislation

Real Estate Classifieds

Classifieds

Real Estate Events & Meetups

Reviews & Feedback

Ask About A Real Estate Company

Real Estate Deal Analysis & Advice

Guru, Book, & Course Reviews

Syndications & Passive Real Estate Investing

Updated almost 12 years ago, 02/28/2013

35
Posts: 1
Votes

Ron S.Poster

Trenton, MI

Buying & Selling Real Estate

Homepath Financing??

Ron S.Poster

Trenton, MI

Posted February 28, 2013 19:26

HI have offer in on fnma homepath property was going conventional but wondering if i should consider homepath financing because i would only need 10 percent down instead of 20. and no pmi or appraisal. But heard they charge lots of fees and your interest rate is higher? has anyone done the homepath financing for a investment property if so was it a bad or good deal?

0 Votes

4 Replies

Jump to Last Reply

Sort By:

Oldest

Loading replies...

Your Profile Views

Curious to see who's interested in your profile? Unlock your views with Pro

Connect with others

7 day free trial. Cancel anytime.

PRO

Upgrade to Pro

Market Finder - key investor metrics for all US markets

Deal Finder - investor-focused filters and notifications for new properties

Calculators - Unlimited access to 9+ property analysis calculators

Find an Agent

Find & Match With an Investment Friendly Real Estate Agent

Enter your market to get started

Rent Estimator

Address or ZIP

loading related articles...