Financing in Chehalis>Question Details

UTHorn, Real Estate Pro in 78759

Homepath Financing: I'm looking at buying a house as owner occupied. I have 4 investment properties I'm financing. Can I get a Homepath?

Asked by UTHorn, 78759 Mon Apr 25, 2011

loan? I'm getting conflicting answers and need to move quickly. I like the low down, no PMI that Homepath offers.

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Hi, UTHorn. One more thing, underwriting is going to require your 1040's to determine your right-offs for these properties. If you're showing a net loss, that loss will be applied against your income. If you have mortgages on these properties and their part of the right off, the mortgage payments will not be applied against your income a second time.
0 votes Thank Flag Link Tue Apr 26, 2011
If you are purchasing a primary residence, HomePath has no limit on the amount of financed properties you may own. This is not to say that an individual lender may not have overlays to guidelines that may still come into effect. Make very sure the loan officer you are working with understands the guidelines for the lender they are submitting your loan to. A broker is your best bet to find you a lender with no additional overlays to HomePath.
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0 votes Thank Flag Link Mon Apr 25, 2011
Joshua is right, there should be no problem as long as you really intend to occupy the home. while there is no mortgage insurance, the interest rate is quite a bit higher. Think about a USDA loan if you can
Web Reference: http://www.metromgi.com
0 votes Thank Flag Link Mon Apr 25, 2011
Then you should be ok as far as it being a primary. Give me a call and we can discuss other qualifications.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com
http://www.residentialfinance.com
0 votes Thank Flag Link Mon Apr 25, 2011
I guess the real question is there a cap on how many financed properties you have to qualify for the Homepath loan?
0 votes Thank Flag Link Mon Apr 25, 2011
I live in an apartment now (last 8 mos) and the house is about 5X the size.
0 votes Thank Flag Link Mon Apr 25, 2011
It truly depends on the whole situation. Ask yourself this, will it make sense to an underwriter. If you are buying a new primary residence and moving out of a current primary residence and the home is only 15 miles from your current primary residence and smaller in size, worth less, etc. do you think the underwriter will believe it is going to be a "primary" residence? I'd love to discuss this in further detail with you. Feel free to contact me.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com
http://www.residentialfinance.com
0 votes Thank Flag Link Mon Apr 25, 2011
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