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Sandra, Home Buyer in Palmetto, FL

does second home disqualiy homepath 3 % financing ?

Asked by Sandra, Palmetto, FL Wed Aug 10, 2011

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Yes, HomePath financing only allows for a 3% down payment when the property will be owner occupied. For Second Homes, HomePath requires at least 10% down. If you currently own 4 or more financed proeprties, then the minium down payment will be 25%.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Aug 10, 2011
Sandra,
According to the HomePath website, financing with a minimum of 3 percent down IS available for primary residences, second homes and investment properties (see attached link). However, do not take my word for it or trust the website; go to a lender and get pre-qualified, and verify these terms.

Best regards,

Dave Herren
Best Atlanta Properties, LLC
404-425-4945
0 votes Thank Flag Link Wed Aug 10, 2011
You can do a 2nd home on Homepath, but it requires 10% down payment. All other criteria of a Homepath loan apply.

Let me know if I can help.

Lori Beardslee, Branch Manager
(770) 527-1375
lbeardslee@loriandlori.com
0 votes Thank Flag Link Wed Aug 10, 2011
Yes. The 3% is only for owner occupied home on HomePath.

Sally W. Hamby
Fidelity Bank Mortgage
404 644 7696
0 votes Thank Flag Link Wed Aug 10, 2011
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