Nate, with the HomePath loan program there are four designations for available financing, which are the standard HomePath (non-renovation) only, HomePath or HomePath Renovation at the borrowers option, HomePath Renovation only, and not eligible for any Fannie Mae financing. Reference the attached hyperlink to determine the requirements for the house you are looking at. The logo designation will be in the listing information on the HomePath website (www.homepath.com). If you have any questions I am a direct lender able to originate loans nationwide and a HomePath and HomePath Renovation loan specialists. I can be reached at (866) 351-3229 and can provide you with a FULL LOAN COMMITMENT usually in one business day. This is not a pre-qual or pre-approval letter but a statement from a Flagstar Underwriter that you are approved for a loan amount subject to the identification of a property.... more
Consider visiting any qualified loan officer(s), after reviewing your overall finances and credit, he/she can make a determination as to qualification, the type of loan and how much--then go from there.... more
The short answer here is "no." For multi-unit investment properties these days, the down payment requirements are all greater than 10%. As you may or may not know, FHA loans cannot be used to purchase investment properties.