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.
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!
You can contact http://www.KristineBredeau.com 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.