I found a listing on a beautiful home that is within our budget, however it says that it's through Homepath Mortgage. Does anyone know what the requirements are on these loans, how hard it is to get through underwriting, what the credit requirements are, etc?
We had opted for FHA basically because we do not have 20% to put down and I've read that Fannie Mae will take as low as 3%. We have had credit issues in the past, but our latest issues are from 2009 and everything is paid. I'm also curious if there is any closing cost assistance through this program.
Any information is helpful! Thanks!!
Homepath Loans, here are the basic guidelines:
3% down payment - can be a gift, grant, come from your savings etc.
Flexible mortgage terms - interest only, fixed or adjustable
We go down to a 600 middle credit score
No appraisal required
No mortgage insurance
I've done some reading into homepath loans... there are two types, a renovation, and a regular...
If its renovation only, then there are repairs that have to be performed, and those costs get rolled into the loan. The one i was looking at was eligible for a renovation loan, but I decided ultimately that I didn't want to go down that path, too much work for me to do, not enough benefit as far as the deal was concerned, plus I found out that my main route to and from work on that house typically floods in the spring. Not something I needed to deal with.