Financing in Deerfield Beach>Question Details

ajharper8, Home Buyer in Pomona, CA

I have put in an offer for a FannieMae Homepath home. The realtor's mortgage company approved financing through FHA. How will this affect me?

Asked by ajharper8, Pomona, CA Sun Jan 20, 2013

Will it still be approved for a Homepath Renovation loan?

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Answers

3
No, those are two completely different types of loans. You need to go through a Homepath lender, of which there are not many. FHA is a HUD product that insures lenders against losses. Homepath financing is a special loan product offered by Fannie Mae on some of the properties that they have foreclosed on. It has a couple of very attractive features - no appraisal needed, minimum down payment of only 3% and no mortgage insurance. If you need assistance, my company is a direct lender and we do Homepath loans.

Best of luck,

Joe hillner
954-684-6678
0 votes Thank Flag Link Sun Jan 20, 2013
Thank you. I will talk with my realtor & lender. I am also keeping your number. Thanks again.
Flag Sun Jan 20, 2013
You should speak to the mortgage company who approved you, as well as to your Realtor. They are most familiar with your individual situation, what you have actually been approved for, and the offer you submitted.
0 votes Thank Flag Link Sun Jan 20, 2013
Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Sun Jan 20, 2013
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