Is anyone here familiar with the homepath and homepath renovation loans. Apparently, theyre at 3 % down and no pmi. the homepath im guessing is for a house in good cond. and renovation will loan for purchase price plus 20% of estimated after repair value or 30k whichever is less. i’m assuming its like a fannie mae guarunteed type of deal but not sure. and theyre for the purchase of fannie mae reos. has anyone here taken out one of these loans or know details on them such as qual criteria, where to get them, etc. thanks for any help
HomePath renovation is only available for owner occ.
No appraisal required in most cases
Full Doc Loan
Only available for through select lenders
Can do up to 10 financed investment properties
if its only for owner occ, how can you do up to 10 inv props
HomePath is for owner and nonowner
HomePath Renovation is only for owner
nlow,
if you are going to put down three % then I would strongly suggest going with an FHA loan. The PMI is only .55 annually and you are not getting someone else’s reject home. For a FTHB why would you want somebody else’s problem when you can use FHA to buy a home that you actually want and like instead of choosing from a small list to save a few dollars a month?
??? because i want it to be an investment. because i want instant equity. plan to fix it up while im living in it and going to school for a couple yrs. The fact that its a reject home is kind of the point. I def would not want to pay retail, or I would be in a diff forum probably. i don’t know. it might not be smart but it makes sense to me.
nm chris think i read ur post too fast and kinda misunderstood it. but the reason i posted the question is i actually did find a home i liked and wanted that is a fannie mae reo. there were a few huds and regular listings and whatnot that i liked, but this one works perfect for me. hence the homepath ?