HomePath mortgages

[Jason Deutsch]

Good morning. Has anyone purchased a property using a homepath mortgage? I know the basics & have scrolled through their website. Can you put as low as 5% down if your not planning on occupying? If any members have a successful or even a nightmare experience with using this type of financing, please share. Thanks

[Erik Palmquist]

Jason,

I successfully used a homepath mortgage as investor. I found the process to be fairly straight forward. Not too different from conventional financing. The biggest headache was in negotiating the sales price because they are often inflexible on prices. You cannot do investor financing with 5% down. If you go the investor route they require 10% down, which is still not a bad deal. They also will not add mortgage insurance into your payment, even if you are putting only 10% down. Good luck!