Financing in Denver>Question Details

stephlough, Home Buyer in Saint Charles, MO

Does a "15 day first look" for Homepath properties mean you are required to use a Homepath loan?

Asked by stephlough, Saint Charles, MO Tue Feb 5, 2013

We are interested in putting in an offer on a house that is eligible for a Homepath Renovation Mortgage. It is still currently in the 15 day first look phase. We have a pre approval already from a lender and then stumbled upon this property. We are curious if we are required to use a Homepath loan or if it's possible to go with the lender we chose. We'd like to put in an offer within the 15 day period.

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No it means you have to be an owner occupant not an investor.
0 votes Thank Flag Link Sat Feb 9, 2013
Stephlough,

Homepath properties have a provision to give owner-occupants the 'first look' so they have an advantage over investors who would be interested in the property. There are certain good points to the Homepath financing such as lower interest rates and lower downpayment; but you do not have to use there financing over your own. You normally need to be aggressive with your offer on these homes as there will be stiff competition.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Feb 9, 2013
Nope. It does mean you have a leg up on all investors. The 15 day first look allows owner occupants to get a property under contract before investors have a shot at it. You can choose your lender, but it might not go FHA if it's in rough shape. It would however probably go FHA 203k similar to Homepath Renovation.
0 votes Thank Flag Link Fri Feb 8, 2013
To be able to bid on a property within the15 day first look phase, you must be owner occupant, meaning living in the home after closing for a year. You do not have to use Homepath loan or lender.

Marina Bay
Cherry Creek Properties
0 votes Thank Flag Link Wed Feb 6, 2013
15 day first look is to give owner occupants a chance to buy the home before it is opened up to investors. Before this program, many times investors were snapping up these properties before owner occupants, especially 1st time home buyers had a chance to purchase them. The investors would pay cash, do a few repairs and then resell them. You may want to check with your lender to see if they are able to do a Homepath loan. Many are, and there may be an incentive for you.
0 votes Thank Flag Link Wed Feb 6, 2013
The 15 day first look is for owner occupants to keep investors out. you can use your own mortgage if you like. Check to see what incentives are being offered though to ugo with a homepath morgage.
0 votes Thank Flag Link Wed Feb 6, 2013
I have bid on several of these properties for myself and also for my buyers. If you plan to occupy the home you can bid within the "First Look" period. If the property does not meet the minimum bid it will open up to investors.

Here to help and can preview the property for you. 30+ years builder / developer and can provide you with my opinion of the structural integrity of the property.

Mike Manzitto
Cherry Creek properties LLC
303 720-1355
0 votes Thank Flag Link Wed Feb 6, 2013
Hi There,

The "15 day first look" is an opportunity for Buyers who intend to occupy the property themselves (live in it) to place offers without competing against investors who might want to rent it out or fix it up and sell it. You can use your own lender. If you intend to occupy the property, put in your offer as soon as possible. Otherwise, you will need to wait until after the 15-day first look period. If you are not working with a Realtor, please let me know and I will be happy to represent you and write the offer.

Jean Stevens
Broker/Owner, CRS, MCNE, E-PRO, GREEN
The Stevens Group
Jean@ColoradoLiving365.com
http://www.ColoradoLiving365.com
0 votes Thank Flag Link Tue Feb 5, 2013
The first 15 days means that it is eligible for homeowner occupied. Investors (non-homeowner occupied) can bid after this first 15 day period. You can use your own financing but sometimes there are incentives to use a Homepath loan.

Nina Kuhl
Cherry Creek Properties LLC
c: 303-913-5858
0 votes Thank Flag Link Tue Feb 5, 2013
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