Srumaker, Home Buyer in Cape Coral, FL

my wife and I are looking to buy a 2nd home,we are looking at homepath homes because of the 3% down, what should we know about this process?

Asked by Srumaker, Cape Coral, FL Sun Jan 23, 2011

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Hi Srumker:
HomePath is a great product and can be used to purchase a 2nd home. You will need to put down 10% downpayment. The good news is there is no PMI charges on a FNMA HomePath loan. In Addition you will not be charged for an appraisal. Rates run similar to Conventional financing maybe a tad higher. 3% financing is only for owner occupied primary residences. Should you need any assistance with financing please email me or call.

0 votes Thank Flag Link Wed Apr 20, 2011
Also I believe HomePath is only available for your primary residence or you will have to put 10% down. Don't think a 2nd home will permit you to use HomePath with only 3% down.

FHA is for a primary residence only.
0 votes Thank Flag Link Sun Jan 23, 2011
Hello Srumaker,
It is a great program; but if you can come up with 3%, you probably can come up with 3.5% which is the down payment for an FHA loan so you don't have to limit your home search to just the homepath homes.
Best of luck on your future new home!
0 votes Thank Flag Link Sun Jan 23, 2011
From my understanding you may pay higher interest rates on the 3% down program. If you can come up with 5% then you will get a much better rate.

You can contact with HomeBanc. She is very knowledgeable about HomePath and also HomePath Renovation financing. The Renovation financing will allow you to include fix ups like new carpets, new appliances, etc.

Hope this helps.
0 votes Thank Flag Link Sun Jan 23, 2011
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