Best of Luck!
I have submitted over 30 Homepath offers this year so far and going to submit another one right now. None of my buyers chose to go with the Homepath financing even though one of my buyers did apply. You will not be in any disadvantage when your offer is submitted against another offer with Homepath Financing. Fannie Mae (Homepath) will most always chose the highest or best offer to work with and many fall through after a week or two, which then the property goes Back on the Market. Note: all offers for HomePath properties must be submitted through a licensed real estate broker/agent. You may select a licensed real estate broker/agent of your choosing. I strongly suggest that you use an experienced agent as there are a few different addendum's and Owner Occupied Certification which is a rider to the real estate purchase addendum that need to be filled out correctly plus an AS-IS contract and a DU letter which all needs to be sent in by the agent on line. Remember you have to submit your highest and best offer as you may only have one shot. Now on a separate note, conventional financing would be your best bet as you can have the private mortgage insurance dropped in the future when your home value increases, principal drops or a combination of the two, 80% LTV would be the goal. Make sure you account for this extra payment in your mortgage. If you have any questions please let me know you give me a call.
With all of these corroborating answers you should feel confident to submit your offer using conventional financing. Be sure to submit your lenders pre-approval letter with the offer.
Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
Good luck and let me know if you need any help!!
Villa G Realty, Inc.