HomePath financing need *help* and tips on bidding, system etc.!!!!!

[Michael J.]

Hello,

I need some help and guidance in relation to buying a HomePath REO and using HomePath financing. I am in the process of getting the financing stuff worked out to make sure I understand it before finding a property.

I searched threads here and found great info but still have some specific questions. I was under the impression you can get a HP loan for 10% down but on the HP site if you click the Investor link and then look at the financing details it only shows one bank/broker. I called them and basically they said 15% down, minimum of $50k loan. Up to 10 HP loans and up to 10 HP Renovate loans minus existing loans.

If you click on the general “Financing” tab it mentions info on personal and investor buying and then if you click the list of lenders is has a bunch listed for the state I live in instead of just the one on the Investor tab. I am trying to keep my thoughts organized but here are some of the main questions I have about the financing and bidding process and greatly appreciate any help.

Financing

-Is it possible the large list of banks will do financing on investor HP purchases or only the one they listed on the Investor tab or do I need to call the large list and see if they will or not? I am just trying to avoid spending hours on the phone to find out only the one broker will do investor loans.

-I am pretty sure a few weeks ago the HP site said 10% down but now I don’t see mention of it but the broker I called said 15%. Is there any way to get 10% down or is it dependant on the lender? Or has their policy changed recently?

-Is it normal for there to be a $50k loan limit? They did say it can include renovation costs but I was looking at some $30K listings but may have to find higher priced properties since you also reduce the down payment form the minimum loan requirement.

-What should I expect the rate to be compared to the standard mortgage rates right now?

-What would I be looking at as far as closing or fee’s I have to pay and can that be wrapped into the loan as long as you make the down payment?

-With the renovation loan can you buy, fix, sell within 3 or more months or will that hurt my standing to get future loans from them?

Buying

-On the site what does it mean if it says online offer in orange on the right? I assume it means someone made a offer but how long until it is accepted and I am guessing there is no way to tell what they offered?

-Is the listed price generally below or over market value. And when more than one person bids should I still make a offer lower than the listed price or is it common for the price to go over the listed price if someone already has a offer in?

-Is there any way to see how long the property has been listed? I may be missing it but don’t see it and I have heard once a property has been on for 60 days they will take lower offers.

-When a property says under contract does that mean Fannie May has accepted a offer? Is it very common for the offer to fall through (Should I take property off my list or keep an eye on it?

-What is the best way to get in a property to look at it? Should I just contact the agent listed on the HP site to set something up?

-When I make a offer am I better to work with the agent they use to list (more incentive to work with me) or just use my own agent? I imagine I will have to look at and make offers on multiple properties before they accept.

Sorry for all the questions, I figured this was better than opening up a few separate threads.

Thanks,