Would we qualify for a Homepath mortgage even if we own a home already?

Asked by Ra7529, Natick, MA Fri May 14, 2010

Using a jumbo loan I bought a 2-family jointly with my brother a few years ago. He has recently purchased a single family with his girlfriend and mywife and I are looking to do the same. We have $40,000 to put down but we don't want to sell the multifamily. If we rent it, the rent will cover almost all of the mortgage. Would we qualify for a homepath mortgage with a credit score of 700 and an income of $150,000?

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Matt Heisler’s answer
Matt Heisler, Agent, Westborough, MA
Fri May 14, 2010
Here's a great place to get started. The home needs to be fannie mae home, but you'll have to talk to a broker to get the final yes or no. There's a list of brokers linked to the following page.


http://www.fanniemae.com/homepath/financing/index.jhtml
0 votes
Andrew Adams, , 01915
Fri May 14, 2010
Homepath loans are not restricted to first time buyers as a matter of fact you can buy a home as an investment through homepath.
0 votes
Deborah Feld…, Agent, Framingham, MA
Fri May 14, 2010
The best person to answer this question is a mortgage professional. Please feel free to contact me and I will be more than happy to direct you to several mortgage professionals that will give you an honest and accurate answer.

Deb Feldman
Hammond Residential
508-277-3596
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