HomePath 2016 Guidelines or buying as an INVESTOR .....

[Michael Dunn]

Good Evening,

I cant ind much information online , regading purchasing a Property listed on the HomePath website as n Investor, and therefore wanted to get fellow BP members help

A quick rundown of my situation ...... I am wanting to buy a Distressed Property

My All In price on the Property will be $75,000 - $80,000  ( Assumes $35,000 purchase price $35,000 for repairs, and roughly $5,000 for two sets of Closing costs )

The property should appraise for $110,000

I am looking to do a Cash Out refi. and or HELOC on My Primary at an 80% LTV , which should give me $20,000 cash in hand

The problem is , is that I purchased my Primary Residence back in 2015 using an FHA loan, so I can't use a FHA gain so soon , and therefore I am looking at all of my other options ...... which brings me o looking at HomePath as either, a way to Finance this property ( if you can even get Financing for a property that is NOT listed on their website/Through them ) OR maybe just find a great deal on a Property that IS listed on their website , since you can Finance the Repairs into the Loan , since this is a big part of the problem I am running into in wanting to purchase this distressed property that I have found ( needing $35,000 in repairs )

Just needing some help on purchasing through HomePath , and how they work regarding buying a Property as an Investor , AND also  how the Repairs are factored into the Loan through them .

Or maybe theirs a Better way out there in being able to get this Distressed property that I am wanting ...... Since all I will have is $20,000 in cash at my disposal ...... Maybe get a.... 1  Purchase Money Loan  and  2.  a Construction Loan through a regular bank ? 

Thanks so much for any and all help