Home Buying in Chehalis>Question Details

Pattidrmelt, Home Buyer in Lassen County, CA

Can a homepath property be purchased with a conventional loan?

Asked by Pattidrmelt, Lassen County, CA Mon Jun 6, 2011

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6
Of course you can, & it is probably preferable as long as you have the 20% down payment so you can avoid the mortgage insurance that Homepath illiminates by raising the interest rates a bit. CAll me if you want to discuss all your loan options with me any time. I am a loan originator & a real estate agent. 206-841-9976
Web Reference: http://www.metromgi.com
0 votes Thank Flag Link Mon Jun 6, 2011
Yes, but note that many properties offered for HomePath financing may need substantial repairs and may not meet standard appraisal guidelines. Make sure the property will appraise before proceeding.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Mon Jun 6, 2011
Absolutely. I just sold one today. Buyer received conventional loan. I recommend working with an experienced Realtor. I will be happy to help you. I have associates in California. Debra Lindsey, Realtor, Keller Williams Realty Northwest LA, dlindsey@kw.com
0 votes Thank Flag Link Mon Jun 6, 2011
Most definitely.
Homepath is OFFERED on all FNMA owned properties, but in not REQUIRED on any of them.
Phil
Web Reference: http://www.philipleng.com
0 votes Thank Flag Link Mon Jun 6, 2011
Hello Patti,

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed.

Benefits to You, the Borrower
• Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
• No lender-requested appraisal.
• No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
• Expanded seller contributions for closing costs allowed.
• Available for primary residences, second homes and investment properties.
• Many condo project requirements are waived; ask your lender for details.
• For more information, contact a HomePath Mortgage lender...., most Lenders will offer FHA/HUD loans.

Also, you may have other options and assistance available which your real estate Agent should help you with.

I hope this has helped,
-Don Leske II / Broker
BCI Properties, LLC
Tacoma, WA
0 votes Thank Flag Link Mon Jun 6, 2011
Patti,
certainly, it is just an incentive program. compare the numbers and see which works best for you and your family.
0 votes Thank Flag Link Mon Jun 6, 2011
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