homepath home can't be mortgaged??

[George P.]

looked at a house that's through homepath program.

my mortgage broker said "since you have more than 4 mortgaged properties, you can not buy and mortgage a home that's offered through homepath".

is that true?

[Lynn McGeein]

If you are looking for the 10% down no PMI investor Homepath, then they may be right -- I think that down payment program is reserved for 1-4. You can, however, still buy a Homepath property using the 5-10 guidelines, which require larger down payment for the purchase and higher reserves on all properties you own. The problem we've found is most lenders do not want to bother with the 5-10 guidelines, so you have to search to actually find one who will.