Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 13 years ago,

User Stats

9
Posts
0
Votes
Marlan Jones
  • Real Estate Investor
  • Ohio
0
Votes |
9
Posts

Homepath Investor Financing Question?

Marlan Jones
  • Real Estate Investor
  • Ohio
Posted

Hello All,

I have located a property I am currently interested in purchasing as an investment property via the homepath website. It has the homepath mortgage logo so I assume it is eligble for the homepath financing option I have beeen reading about. The property is listed for $12,000 and needs mostly cosmetic work(which I already have contractors lined up to complete).

My first question pertains to the feasibility of obtaining a loan for such a small purchase amount. I have read several blogs stating banks typically won't touch anything under 30k(yet in my area on the homepath site there are several homes listed under this dollar amount with the homepath logo)

My second question is what are Fannie's downpayment requirements on NOO properties? I have been reading that most are now requiring 15% down as opposed to the old rule of 10%. I am wondering if anyone has had recent experience using this form of financing and can verify if it's 10% or 15%?.

My third question pertains to Homepath financing VS commercial financing of SFH, as I was told by an originator it is extremely costly to use Homepath. Which in all you guys past experience would be the more cost efficient form to finance? (I just recently formed an LLC and ultimately would like to either purchase in the name of the LLC or move the property into the LLC for protection as well as building credit for the LLC.

Thanks in advance for any responses or advice given!!

Loading replies...