Foreclosure in 33983>Question Details

Buyerwanttobe, Home Buyer in 33983

I am trying to buy a FNMA foreclosure. They are offering Home Path mortgage but I want to go with an FHA and a larger down payment 40%.

Asked by Buyerwanttobe, 33983 Thu Feb 23, 2012

The listing company seemed to think FHA was a possible problem.Do you think FNMA picks the Homepath buyers first

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7
Why do you think you should go FHA? If there is a reason such as low credit score, or the need for a non-occupant co-borrower, please let us know. If not, with a. 40% down payment, there is no reason to go FHA. At 60% loan-to-value, there is not a credit score adjustment on a conventional loan. Do you want to do a 203k loan perhaps? If that is your objective, and you don't need to do more work than your 40%, you are better off with Homepath and usng your own mney for the repairs.
1 vote Thank Flag Link Thu Feb 23, 2012
Why not use Homepath and just put more Down?

Good luck and may God bless
1 vote Thank Flag Link Thu Feb 23, 2012
Claudia is right. If you plan to put 40% down, then FHA is not a good option since you will be paying up front mortgage insurance. If you have 40% to put down then you should have your mortgage officer check to see if you can go conventional. This way you do not have to pay mortgage insurance.
0 votes Thank Flag Link Thu Aug 9, 2012
If you have 40% to put down then you need to compare various loan programs to determine the best mortgage. If your credit score is preventing you from getting anything but an FHA mortgage then you can get an fha 203k fixer.upper.mortgage that will include any needed repairs to be done after closing.
0 votes Thank Flag Link Thu Aug 9, 2012
They pick the best offer- everyone's money is green no matter who the lender is! You certainly can offer and buy a FNMA foreclosure without using their offered financing. Are there issues with the house? If there are, call your lender and ask if they will accept the home that way. FHA may or may not lend depending on condition of the home. That could be what the realtor is getting at. Also FHA cares how long the seller has owned the home. Ask your realtor to find out why FHA is a concern. They should have done this before showing you the home to avoid disappointment!


Claudia DeBruyn
Maxim LLC
cell/text 941-518-3347
0 votes Thank Flag Link Thu Aug 9, 2012
If the house is approved ONLY for a HomePath "Renovation" mortgage then clearly the house cannot get a regular FHA mortgage because of condition issues. If a regular Homepath mortgage is indicated on the house per homepath.com then you should be okay with a regular FHA.

http://www.AimLoan.com does regular HomePath and if you need a HomePath Renovation, I can highly recommend Regions Bank.

I have seen regular HomePath approved homes that had very old roofs that probably couldn't meet the 2 year remaining useful life requirement of FHA so maybe that's the agent's concern. Better hurry, have your Realtor submit your bid online on HomePath.com before it's gone.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri Feb 24, 2012
It may not be possible to do a FHA mortgage, but if you've got 40% you can do a conventional mortgage. I'd also suggest that it might be smart to reduce your downpayment a bit, so you retain adequate funds to take care of any maintenance problems that might not be readily obvious. You should be discussing this with your agent - do you have a buyer's agent, or are you relying on the services of the listing agent?
0 votes Thank Flag Link Thu Feb 23, 2012
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