What are the qualifications in Michigan for a Homepath mortage?

Asked by Brandy, Grayling, MI Sat Jan 12, 2013

Are there specific income requirements/maximums? What is the down payment requirement if it will be used as a renatal property? Is there a required period of time that the mortgage has to be held before reselling?

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4
papastonemmm, Home Buyer, Flint, MI
Tue Nov 26, 2013
what are the requirements to purchase a homepath mortgage
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Mon Jan 14, 2013
FannieMae states the following requirements for a Homepath mortgage for an investment property:

Income Requirements: None
Credit Score: Minimum FICO of 720.
Down Payment: 10%
Investment Properties will require a comparable rental schedule
You must have reserves for the investment property
There are no penalties for early payoff (which means you can sell it when you want)

Of course, you should verify this information with your HomePath lender which will be in a better position to answer your questions in detail.

Simon Campbell - http://www.bankforeclosuressale.com
0 votes
Sonya Loose, Agent, Beaverton, MI
Sun Jan 13, 2013
Hi Brandy, the first step would be to contact a Homepath lender. The lender can answer these questions for you. You can find a Homepath lender in your area by visiting http://www.homepath.com.
0 votes
Michelle Gau…, Agent, Caledonia, MI
Sat Jan 12, 2013
Brandy,

You may find this website helpful in answering your questions:

You should also contact a Mortgage Loan Officer to get answers specific for your financial situation. If you are working with a Buyer's Agent, they should be able to point you in the right direction.

Good Luck,
Michelle
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