Updated almost 12 years ago on . Most recent reply
Home path home financing question
Hello everybody. I just put in a offer on a home path property in my area and I'm trying to figure out financing now. I'm a ready, fire, aim kind of guy! So I've emailed a home path approved mortgage company but reading the forums now has me spooked. According to home path website investors are now qualified for 5% down loans. Here's the wording from the website:
HomePath Mortgage allows a buyer to purchase a Fannie Mae-owned property with a 5% down payment (as of November 16, 2013), no lender-requested appraisal and no mortgage insurance. Expanded seller contributions towards closing costs are allowed. Available for owner occupants and investors
Has anyone used this 5% down option? I'm pretty much only making an offer on this property because of the financing option so I'd have little skin in the game. I see lots of posts saying 10-20% down and frankly this deal becomes less attractive if I have to put that much down.
Most Popular Reply
In Kansas City I have found them approved for either regular or renovation loan. The regular Homepath loan you do not need an appraisal and there are a huge number of approved lenders. The renovation loan properties need much more rehab and would not qualify for a traditional loan, they require a new appraisal by your lender, a higher down payment and there are far fewer approved lenders.