can you buy a homepath property with an FHA loan?

Asked by Orchid.garcia@gmail.com, Thu May 9, 2013

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Sat Nov 19, 2016
Yes as long as the home is move in ready and insurable you can use an FHA loan to purchase a homepath advertised property. We provide FHA/VA loans all the way down to a 580 fico. As a licensed real estate broker and mortgage broker over 10 years i can answer any questions you have throughout the process.

US Mortgage Lenders - Thomas Martin
Min FICO 580 FHA/VA Loan Approvals 7 days a week
PH: 954-667-9110
http://www.florida-mortgage-lenders.com/
0 votes
Elliott Ster…, Agent, miami beach, FL
Thu Apr 23, 2015
Hi,
Please visit http://www.VaFha.Net The site list only Fha and Va approved homes! So whether you are looking for condos, houses, multi-family or townhouses they are listed there. You will be able to find what you looking for fairly easily and quickly. Let us know how your search went.

Thanks
Web Reference:  http://vafha.net
0 votes
Brian Grosch, Agent, Palm Beach Gardens, FL
Mon Jun 10, 2013
Its prefered for you to use homepath lending so the seller : Fannie Mae doesn't have to deal with an appraisal.

You can use any loan you would like so long as the property is in good repair and able to appraise and meet your lenders qualifications.

With home path lending, you do not have as many problems getting the property to pass for a mortgage.

Hope all is well..........

REALTOR Brian Grosch

Affiliated with ColdWell BANKER Real Estate

561*899*2337
0 votes
Alma Kee, Agent, Tampa, FL
Mon Jun 10, 2013
Also we have first time homebuyer money available in the State of Florida that can give you up to $7,500 if your family income is not too high.

Ask your Realtor for details because with the State Bond Money it may help you compete because you may not have to ask for closing costs from the Seller.

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Alma Kee, Agent, Tampa, FL
Sat May 11, 2013
If the property only says "HomePath RENOVATION" then no, it's not possible to buy with a regular FHA.

I would recommend getting a HomePath mortgage if you are okay with paying slightly more than market value because there is no appraisal required. I just had a young couple beat out several other offers because they elected to get a HomePath mortgage versus going FHA. The Asset manager for Fannie Mae knows that the file will not land back on her/his desk because the FHA appraisal didn't come in.

As it turned out my clients that offered about $5k more than the place could appraise (at that point in time) now have about $10k equity because other Cash sales closed of similar properties.

For a HomePath mortgage, contact:

Russell A. Flock

Home Mortgage Consultant
NMLSR ID 246440

Wells Fargo Home Mortgage | 138 Island Way | Clearwater Beach, FL 33767
MAC M1776-011
Tel (727) 442-7869 | Cell (727) 434-0280 | Fax (866) 967-3414

Russell.A.Flock@wellsfargo.com

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes
Yanoska Diaz, Agent, Miami, FL
Thu May 9, 2013
Yes, you can purchase a Fannie Mae property through an FHA loan. Please make sure you are only searching for properties on "first look" designed to provide an opportunity for owner occupants. Once the fist look option expires offers are open to investors and chances are multiple cash offers will be submitted the Fannie Mae.
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Meg Sahdala, Agent, Coral Gables, FL
Thu May 9, 2013
Yes you can, however be prepared its going to be very hard as there are plenty of cash buyers for this kind of properties that will always be ahead of you. Very frustrating I know...
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Thu May 9, 2013
Yes, they are not that different and both are government secured. Homepath may be a little more expensive upfront you save on some things not required compared to FHA. Talk to a lender who can provide both about which is more convenient for you.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Thu May 9, 2013
while you can, you may want to compare the FHA loan with a Homepath loan and see which is better for you.
0 votes
Maricel Zald…, Agent, Coral Springs, FL
Thu May 9, 2013
Hi,

Yes, you can purchase a Home Path property with both a Home Path loan as well with a FHA loan.

If you have any questions please feel free to contact me, I will be more than happy to assist you I'm a Home Path Specialist.

Maricel Zaldumbide
Lic. Real Estate Broker
Short Sale & Foreclosure Specialist.
Cert. Real Estate Owned Specialist.
Member of NAHREP
Cell: (954) 793 - 7489
Office. (954) 586 - 7104
URL: http://www.allianZerealtygroup.com
0 votes
Alberto Baca, Agent, Miami, FL
Thu May 9, 2013
The answer to your question is yes. You can buy a Homepath home with an FHA loan, conventional, or Homepath. There are different benefits with each type of loans. I have an excellent mortgage broker who can answer many more questions for you. Give me a call or email me at your convenience.

Regards,
Alberto Baca
The Keyes Company
305-218-2504
AlbertSellsHomes@gmail.com
0 votes
Jose Gomez, Agent, Miami, FL
Thu May 9, 2013
You can purchase a HomePath property with both a HomePath loan as well as a standard loan (FHA). As my collegue stated before me, the benefit to using a HomePath loan is that for a HomePath approved property there is less of a down payment requirement, no appraisal and no PMI, however, the mortgage insurance (PMI) is most often built into the interest rate, yielding a much higher rate than a standard FHA loan. My best advice is to contact a loan officer who will map out the scenarios for you in an illustration so you can weigh your options and make the best decision.

If you need further assistance, don't hesitate to contact me. It would be my pleasure to help you and guide you in the right direction with your Real Estate needs.
0 votes
Luz Amparo H…, Agent, Miami, FL
Thu May 9, 2013
I learned many topics with Trulia!
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu May 9, 2013
HomePath properties typically offer "HomePath financing", which is essentially an FHA loan product but even better. In addition to the loan down payment required, there is no mortgage insurance on these loans. The caveat is that the interest rate is often higher as a result.

Talk with your mortgage broker and make sure you get all your options to help you decide what's going to be the best fit for your needs.

Hope this helps!
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