Hi Everyone,
We are looking to buy a HomePath home as an investment. I know that there are many HomePath lenders out there but I'm also aware that many will not lend for mortgages less than $50,000. Does anybody know of any lenders that lend less than $50,000 in the state of Florida? We haven't selected a property yet. I want to get our financing in order before we do but I'm thinking of buying a property within the $15,000 - $25,000 range. Any advice regarding HomePath lenders would be most appreciated. For many reasons I don't want to do FHA or conventional.
Also, I believe that with an investment property I will need at least 15-20% down through HomePath. Is that correct? And finally, does anyone know how they calculate which credit score to use? We have a 690 with TransUnion and about a 639 with Experian. The other one I don't know since they stopped selling it on MyFico. How will they calculate our score? I ask because it is my understanding that a 660 score is the minimum for HomePath. I want to make sure I can get approved before we start searching. If I have to we can raise our credit score about 15-20 points by paying down a credit card that we have a small balance on.
Any advice is very welcome. Thank you!
