Homepath financing has many benefits you should consider prior to choosing fha. First is that fha has pmi if you do not have 20% down, Homepath has no PMI. 3% down on Homepath, min 3.5 on FHA.
If home needs repairs there is a reno program that will roll all reno costs into loan so as not to have two loans all at a lower rate. They appraise as if the work is done. If the home needs extensive work it usually will not go FHA. I personally feel as if the seller whom is The GOV is leaning towards a offer which is using there GOV loan over any other style. Other words if there are two exact offers one being homepath financing and the other FHA, they will take the homepath. Either way I have had many many clients obtain there dream home with this loan program.... more
Thanks John for your time and advice. Also, thank you Deborah for sharing the encouraging new information. I now know that our one borrower with her income and our lack of equity will not qualify for a full credit qualifying refinance do to her debt to income ratio with the housing expenses alone. But with this new development of removing a co borrower and doing a streamline, could we still do it?... more