Home Buying in Pompano Beach>Question Details

Gonzalo Miro, Home Buyer in Coconut Creek, FL

Am I obligated to use a Homepath Financing when buying a Homepath property?

Asked by Gonzalo Miro, Coconut Creek, FL Sun Apr 21, 2013

I have 10 % downpayment, and I will better off, if I use a conventional financing with a better rate. And if so, will I put me in a disadvantage putting an offer with a different type of financing, than the Homepath financing?
Only serious and professional answers please .

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Answers

7
You are NOT! That is illegal to require any borrower to finance a home with a specific loan. Having said that, I have had clients who were Pre-Approved on an FHA or VA loan and they came across a FNMA Homepath or Renovation and I advised them to do the Homepath and are preferred by the seller in order to keep the property in their portfolio. FNMA owned properties in many cases are certainly easier to buy using a FNMA Homepath Loan, for example Condos. Buying a Condo can be a nightmare if you are needing to go FHA, VA, or USDA. These Condo Project must be HUD Approved in order to get financing. Whereas FNMA allow borrowers to purchase a home, townhouse, or condo without even an Appraisal or for a Condo, the project does not need to approved through HUD. In addition, there is NO PMI on a FNMA Homepath. All though the rate is higher, at the end of the day your final payment is actually much lower. Please feel free to contact us, as we are licensed in the FL.

Best of Luck!
0 votes Thank Flag Link Mon Apr 22, 2013
No you dont need it .if you buying to live in you have priority over the investors and if the house is in a good condition you can go with a 3.5% but if the house need work you can use a homepath 203k program ihave aloan officer who works with this type of cases . So save your down payment to buy a second or investment property or use your money to improve your new house . I am been closing many houses using thie homepth call me if you have more questions 954-8540629 nubia
0 votes Thank Flag Link Mon Apr 22, 2013
Hello Gonzalo,
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.
Thank you,
Ronen Tish
Ronen@TishRealtyGroup.com
561-568-6841
0 votes Thank Flag Link Sun Apr 21, 2013
Hello Gonzalo,

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
Scohen77@aol.com
0 votes Thank Flag Link Sun Apr 21, 2013
As with the other answers. No you can use a conventional loan if you wish. Your realtor should have told you that if you are using one. If not call me and I would be delighted to help you. Regards David. 954-806-5006.
0 votes Thank Flag Link Sun Apr 21, 2013
Dear Gonzalo: You are not obligated to use Homepath financing at all. Homepath financing is just an option that Fannie Mae offers to buyers of their properties - not everyone qualifies or wants Homepath. Don't let this be a deterrent at all, just put in your best offer and go with the form of financing that works for you!

Good luck and let me know if you need any help!!

Best regards,

Angela Schrager
Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Sun Apr 21, 2013
No, you are not obligated to use HomePath Financing when buying a HomePath home but you will have to show that you are qualified with a lender when submitting offer. In some cases HomePath may require that you also secure a pre-qual from a lender of their choice as well.
0 votes Thank Flag Link Sun Apr 21, 2013
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