Home Buying in Fresno>Question Details

m, Home Buyer in Fresno, CA

Can you purchase a Fannie Mae Foreclosure (homepath) with a Va Home loan?

Asked by m, Fresno, CA Tue Dec 8, 2009

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7
The answer is "maybe".

If you don't want your closing costs as part of your VA loan, you may have a chance. My experience with trying to purchase a Fannie Mae Homepath house may enlighten you. I offered more than the asking price for a property in Sewanee, Tennessee. As part of my offer, I asked for payment of closing costs and pre-paids, with the amount of my offer reflecting those costs. FannieMae would have received $3000 over their asking price even after paying the closing costs and pre-paids.

FannieMae turned the offer down flat. They were more than happy to accept the premium over their asking price, but insisted I pay for all closing costs, pre-paids, and fees that VA does not allow the veteran to pay, such as the pest inspection fee.

FannieMae appears to favor all cash buyers such as investors. If you are trying to get a FannieMae Homepath property, you better have a fat wallet and be prepared to take it in the shorts.
3 votes Thank Flag Link Wed Jun 20, 2012
DECEMBER 2009!!!

It might be too late!!
0 votes Thank Flag Link Sun Aug 5, 2012
I'm a mortgage lender that does VA and Homepath loans. Call to get more info at 424-236-1655
0 votes Thank Flag Link Wed Jul 11, 2012
Let me re phrase - you may write on one of these homes using VA financing but to use Fanne's "Homepath" financing (Basically 90% Non Owner no MI) you would not be able to use VA financing, you would use Homepath financing.

Hope theis heps.
0 votes Thank Flag Link Tue Dec 8, 2009
The answer is NO.

You can purchase using homepath as an investment property or you can ourchase owner occupied as VA. VA is only owner occupied and homepath is only investment.

http://www.garrick.biz
0 votes Thank Flag Link Tue Dec 8, 2009
Hi m,

a VA loan will have properties requirements, such as utilities on. So, if property does not have water, it is necessary to request to be turn on for appraisal.

Talk to the Home Mortgage Consultant.
0 votes Thank Flag Link Tue Dec 8, 2009
Yes you can, and there are lenders that are homepath approved, and most will do VA loans. We work with them all the time here in vegas.
Most of their homes will have been rehabbed, and if the home has issues, they usually will leave them as is so the problem can be seen in which case a 203k loan would likely be needed as I don't know if VA has a program like it to to rehab a house, haven't had to do that with a VA yet.
http://www.Homepath.com is the place to go

Good Luck
0 votes Thank Flag Link Tue Dec 8, 2009
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