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Bebe Le, Real Estate Pro in Temple City, CA

I have couple of Buyers interested in some Homepath properties.

Asked by Bebe Le, Temple City, CA Tue Feb 28, 2012

I need an experience Mortgage Broker who can help guide them through the process of obtaining these loan. And what is the qualifications for these loans?

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Hi Bebe, please contact me for Homepath financing. We can do Homepath renovation financing if the properties need updating as well
0 votes Thank Flag Link Tue Feb 28, 2012
Hi Bebe, please contact me for Homepath financing. We can do Homepath renovation financing if the properties need updating as well
0 votes Thank Flag Link Tue Feb 28, 2012
The qualifications is that they have good credit to get the 3-percent down program. If they dont have a good credit score, then this loan is not great for most buyers... because they could be required to have up to 20-percent down.

But, with a good credit score, they will be able to purchase with 3-percent down and No PMI-- meaning a savings of up to hundreds of dollars per month.

Rates for HomePath are usually HIGHER than FHA loans. This is because the interest is tax deductible for more buyers, and they are not paying mortgage insurance, since the loan is already held by Fannie Mae then Fannie Mae is bumping the rate and using the rate increase as the mortgage insurance... more income to Fannie Mae.

Now, just because the rate is higher-- it doesnt mean that the MONTHLY PAYMENT IS HIGHER. Just the contrary.... Even with a higher rate, HomePath is usually still lower on a Monthly Payment Basis when considering Pricipal, Interest and Mortgage Insurance -- when comparing to FHA Loan Payments. And the fact that Mortgage Insurance required on FHA is not tax deductible.

Also, HomePath allows for HIGHER closing costs, up to 6-percent!

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0 votes Thank Flag Link Tue Feb 28, 2012
Go to http://www.homepath.com and register as an agent. It takes 5 minutes.

Then you can see the link to HomePath Approved Lenders.

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If this answered your question, please give me a "THUMBS UP" or "BEST ANSWER"-- thanks!
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Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Tue Feb 28, 2012
In general, any time you pull up a listing that is "qualified for homepath financing" the listing agent often gives information on the listing for the mortgage banker they know the buyer can use. You could just start with that.
0 votes Thank Flag Link Tue Feb 28, 2012
Bebe:

HomePath loans have the same general buyer qualifying requirements as FHA. The differences are: 1. No monthly PMI, 2. No appraisal required, 3. Slightly higher interest rate (but not higher than FHA plus MI), 4. Slightly higher fees (unless you put 5% down). If you would like a referral to a great lender that can help you with this program, contact me directly.

Shel-lee Davis, QSC®
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RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
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http://shel-lee.listingbook.com
0 votes Thank Flag Link Tue Feb 28, 2012
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