All Forum Posts by: Nicole Thomas

Can anyone recommend a reputable loan officer that is very familiar with fannie mae homestyle loans in Maryland dc area?

A property I like has 1 offer but they listing agent said I can still put an offer in because it hasnt been accepted. House needs a great deal of work probably close to 100k. 

I am making an offer contingent on inspection. Thinking about offering 15k less than asking. 

I would hate to lose the house over 15k. I was going to offer full price all cash. And during inspection if there is anything major like the septic or roof or water issue, I was going to negotiate for money off.

Does homepath negotiate after accepting a contract if a major problem is found that you cant see with a regular walk through?

Hi all,

There is a homepath property that I would like to purchase. I want to put a contract on it asap but am in a unique situation right now. I need to know the best thing I can do. 

Asking price is around 225,000. Needs about 35k in repairs It needs work so will not go conventional. I will be living there so owner occupant.

I'll air my laundry out... My cash funds are very very low right now (less than 8k in bank) due to loaning my brother large sums of money for his business every month when he was in a bind. He is repaying me in full next year, his business is looking good and i know hes good for it. My salary is 140,000 a year.

I wasn't planning on purchasing till I get my funds back but I came across a great house for a great deal. I am hoping something is possible for me!! This will be my first house purchase.

I was preapproved a few years back for over 550k but that's when I had funds in my bank but my salary was less than too. I didn't find what I was looking for back then so stayed renting.

I am in Maryland so if anyone has any recommendations of loan officers/banks to ask, I would like that. 

Have a few scenarios.

1.) I have the ability to borrow the full cash from a relative. I would like to use the money to buy and fix the property up but then need to get a mortgage on the property and pay back my relative. Is there a program with a bank that allows this? What are the programs called?

2.) A fannie mae homestyle renovation loan. I believe I would have to put 5% down, which i can get. They give money for the renovation. What banks offer this loan? in Maryland? Also do I have to have all work done with contractors? I read you can do some work yourself, I know people that can do some work and can contract out the rest.

3.) Hard money lender? Don't know too much about this. Roughly what does it cost to borrow 265,000? 

4.) FHA 203K. I have heard this is difficult. I read its around 3.5% down. Why is this difficult? Is it because you have to contract all work out?

ANY advice is greatly appreciated!! Thanks in advance.

 Yes, helps alot.

The property is not going to be able to get conventional financing. It needs work that I can get down from a family member's company. I have been preapproved for conventional and talking to someone about the homepath homestyle loan program who said i will be approved.

I am going to be an owner occupant so not worried about investigation. However, most of the cash that I would use to purchase it with all cash and not financing would come from borrowing from a family member. Does this matter at all? If family member transferred all funds in my account and I made a full cash offer the same or next day, Will this be a problem?

The property is priced with consideration of the good amount of work needed. But i was hoping to offer 10% less if paying all cash. What do you think about this?

Since i don't know for sure if it needs a new roof or not. What about offering full asking price, then after inspection if it needs a roof asking for less. Is this possible with homepath, to ask for less for an unexpected repair?

 Thanks for the reply. Do you think it would be any benefit to work with the buyers agent from the same brokerage as the sellers agent? Or is it better for me to be represented by a buyer's agent from a different brokerage?

So homepath usually goes with an owner occupant as long as its within the 20 day period? I do think that the condition is already factored into the price but what if I pay all cash, are my chances better getting 10% off of list price? 5% off?  Should i assume price is pretty firm if I was trying to finance instead of pay cash?

I think most of the people looking at it are investors. So they won't be able to offer till after the 20 day period. So i should put a contract asap.

Hello all,

There is a house that I definitely want to purchase as an Owner occupant. I have a few questions first as I have never dealt with purchasing a homepath property. Its in Maryland btw if that makes a difference.

The property is listed for around 220,000. I want to offer less as it needs a good amount of work done. I want to offer it within the 20 day owner occupant period. Does homepath ever negotiate for less during this period. Do i have an upper hand coming in during the owner occupant period even with offering less? I of course will be occupying the property.

What would almost 100% seal an offer for me with fannie mae. Would they prefer all cash or financing with their renovation loan?

Basically I want the best possible approach to sealing the deal.

I was going to purchase a previous property and the listing agent for that one showed me the property and was willing to submit an offer for me but before I made an offer, another buyer beat me to it.

I still don't have a buyer's agent so I called this new property's listing agent. She told me she would not be able to put an offer in for me as it's unethical? She said to contact a buyer's agent from her firm. She told me this buyer's agent has already shown the property to others that are interested in purchasing this property. This doesn't sound good to me. Am i correct in thinking that I should pick my own buyer's agent? Or would working with the agent the listing agent referred me to that she works with, benefit me in some way?

There are multiple others that have looked at the property according to the listing agent.

I appreciate all answers and advice. Thanks in advance!

Hello all,

There is a house that I definitely want to purchase as an Owner occupant. I have a few questions first as I have never dealt with purchasing a homepath property. Its in Maryland btw if that makes a difference.

The property is listed for around 220,000. I want to offer less as it needs a good amount of work done. I want to offer it within the 20 day owner occupant period. Does homepath ever negotiate for less during this period. Do i have an upper hand coming in during the owner occupant period even with offering less? I of course will be occupying the property.

What would almost 100% seal an offer for me with fannie mae. Would they prefer all cash or financing with their renovation loan?

Basically I want the best possible approach to sealing the deal. 

I was going to purchase a previous property and the listing agent for that one showed me the property and was willing to submit an offer for me but before I made an offer, another buyer beat me to it. 

I still don't have a buyer's agent so I called this new property's listing agent. She told me she would not be able to put an offer in for me as it's unethical? She said to contact a buyer's agent from her firm. She told me this buyer's agent has already shown the property to others that are interested in purchasing this property. This doesn't sound good to me. Am i correct in thinking that I should pick my own buyer's agent? Or would working with the agent the listing agent referred me to that she works with, benefit me in some way?

There are multiple others that have looked at the property according to the listing agent.

I appreciate all answers and advice. Thanks in advance!