FHA vs. Homepath

[Anonymous]

Does anybody know if there are any cons with doing Homepath financing instead of FHA?  As far as I've investigated, you just need a 660 score, 3% down instead of 3.5%, and there is no PMI.  Is there a drawback unless you don't have a midscore of 660?  There has to be a drawback somewhere.

Sincerely

Wonderingifaloanisevenpossible

[MBOhio2]

There seems to be a lot of discussion about this in previous posts (as an example, see below). I would search the boards first to see if you can get more info on the Homepath option.

http://ficoforums.myfico.com/t5/Mortgage-Loans/HOMEPATH-MORTGAGE/m-p/682488/highlight/true#M67578

[Anonymous]

That's a helpful thread, thanks MB