Property Q&A in Driftwood>Question Details

Maria Guerra, Home Buyer in Key Largo, FL

Are investors able to purchase this property with only 3% down? Who qualifies for this loan? Time, etc., kindly explain thanks

Asked by Maria Guerra, Key Largo, FL Mon Jun 25, 2012

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This question is about this property: http://www.trulia.com/property/3083580967-6781-Greene-St-Hol…

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Answers

3
If you are looking for a government-backed loan, the answer is no. Investors have more strict guidelines. FHA loans allow 3.5% down for an owner-occupied property. As an investor you likely have to put down 20%.

Tchaka Owen
Keller Williams Realty Professionals
954.552.6112
0 votes Thank Flag Link Mon Jun 25, 2012
HI Maria: The Fannie Mae Homepath program offers lots of options but they certainly differ, depending on whether you are an owner occupier or an investor.

Take a look at their website: http://www.homepath.com and you'll find all the answers to your questions there.

Best of luck!

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Mon Jun 25, 2012
Hi Mariia,
This is a homepath first look property, which means that a person that is going to ocuppy the home will have the first shot, and that period lasts 2 weeks.
2 weeks have passed on this property and it shows available, which could mean they have offers and are still woriking with them to see if they are fully qualified or they are now taking offers from investors or second homem purchasers. If you are interested, please contact me and I will get the answers for you. You will need to show your mortgage approval or proof of funds for the offer, which I can help you obtain if neccessary.

Beth Jenkins
South Florida Brokers
786-374-4778
bethjenk1@gmail.com
Web Reference: http://www.arealtyteam.com
0 votes Thank Flag Link Mon Jun 25, 2012
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