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Valued Member
Trondul
Posts: 31
Registered: ‎04-14-2011

Homepath 3.5% closing cost incentive

Anyone know if this has to be used with a Homepath Mortgage or can it be used with FHA?  The reason I ask is that I qualify for FHA but I'm having trouble with conventional (which is essentially how Homepath is underwritten) because of some rehabbed student loans reporting incorrectly (same loans showing as both current on one tradeline and in default on another) on Equifax.  We're trying to do a rapid rescore to get the loans reporting right so I can do Homepath, but I'm trying to work out the "what ifs" to see if I can go ahead and make an offer.  Thanks!

 

 

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Homepath 3.5% closing cost incentive

We were given the 3.5% closing costs and we used FHA when we closed on a HomePath last month.  Good Luck!!!!!!


We went into closing with less than the down payment bc of this.  great deal for us.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Member
Trondul
Posts: 31
Registered: ‎04-14-2011

Re: Homepath 3.5% closing cost incentive

Awesome, that's great to know!  Thanks for the quick reply.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Homepath 3.5% closing cost incentive

I know, I was embarrassed by how quick but I'm doing my daily mortgage forum perusal and when I see anything HomePath i go straight to it.  I LOVED this program.  I also love my house!  They were great to deal w/ the whole way through, and if you ever have any problems with them, just call the hotline and complain.  I found out our counter-offer LONG before either real estate agent knew what was going on by calling the hotline.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Member
Trondul
Posts: 31
Registered: ‎04-14-2011

Re: Homepath 3.5% closing cost incentive

Were they pretty quick on the counter-offer? I'm going to be cutting it close to hit the 10/31 deadline for the closing costs, but I'm going to move fast as soon my financing is approved.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Homepath 3.5% closing cost incentive

A couple of days we heard back.  The asking was 154, we lowballed 130 or somewhere around there, they came back at 152.  I countered again at 145 and they came back at 150 and I took it.  I was tired of the house buying game as we had been sitting on a short sale since May.  I probably could have gotten down a couple more times but I just didn't care.  The appraisal came back at 157.  You can go to my post "Our house is goign up for auction" and you can get a day by day, hour by hour, account of the whole process as my memory is horrible and I can't remember exactly how many days. 

Good Luck!!

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011

Re: Homepath 3.5% closing cost incentive


Booner72 wrote:

I know, I was embarrassed by how quick but I'm doing my daily mortgage forum perusal and when I see anything HomePath i go straight to it.  I LOVED this program.  I also love my house!  They were great to deal w/ the whole way through, and if you ever have any problems with them, just call the hotline and complain.  I found out our counter-offer LONG before either real estate agent knew what was going on by calling the hotline.


I am green with envy. I am a few days from closing with the Freddie Mac version, HomeSteps. It has been an absolute NGHTMARE, and they have done nothing that they promised other than pay for 3% of my closing costs. There were tons of other promises that never came true. They will be receiving a very long ugly letter right after closing. Next time I will choose Fannie Mae.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Homepath 3.5% closing cost incentive

[ Edited ]

commonperson wrote:

Booner72 wrote:

I know, I was embarrassed by how quick but I'm doing my daily mortgage forum perusal and when I see anything HomePath i go straight to it.  I LOVED this program.  I also love my house!  They were great to deal w/ the whole way through, and if you ever have any problems with them, just call the hotline and complain.  I found out our counter-offer LONG before either real estate agent knew what was going on by calling the hotline.


I am green with envy. I am a few days from closing with the Freddie Mac version, HomeSteps. It has been an absolute NGHTMARE, and they have done nothing that they promised other than pay for 3% of my closing costs. There were tons of other promises that never came true. They will be receiving a very long ugly letter right after closing. Next time I will choose Fannie Mae.


Oh No, commonperson!  That sucks.  There's a coupla homesteps down the road I'm curious about.  What did they do?  They obviously don't have a hotline right??  You do get the 2 year "warranty" though.  That has to be good, right?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011

Re: Homepath 3.5% closing cost incentive


Booner72 wrote:

commonperson wrote:

Booner72 wrote:

I know, I was embarrassed by how quick but I'm doing my daily mortgage forum perusal and when I see anything HomePath i go straight to it.  I LOVED this program.  I also love my house!  They were great to deal w/ the whole way through, and if you ever have any problems with them, just call the hotline and complain.  I found out our counter-offer LONG before either real estate agent knew what was going on by calling the hotline.


I am green with envy. I am a few days from closing with the Freddie Mac version, HomeSteps. It has been an absolute NGHTMARE, and they have done nothing that they promised other than pay for 3% of my closing costs. There were tons of other promises that never came true. They will be receiving a very long ugly letter right after closing. Next time I will choose Fannie Mae.


Oh No, commonperson!  That sucks.  There's a coupla homesteps down the road I'm curious about.  What did they do?  They obviously don't have a hotline right??  You do get the 2 year "warranty" though.  That has to be good, right?


There is a hotline listed on their website but it is to be used if you have questions about the homes listed, not for complaints.

 

What did they do? For the sake of keeping things breif I'll just give you the highlights. When I put in my first offer they were supposed to respond within 3 days. After a week and a half my agent finally was able to get a hold of someone who said they "lost our offer." But unfortunately for us they already started considering 2 cash offers that were submitted AFTER ours. When the investors offers fell through they decided to counter us for 10k more. We accepted. Then they retracted stating that we were not able to use FHA. We stated we were going FHA in our original offer. My lender and my agent both fought with them telling them that the property was FHA eligible. They countered with conventional, we accepted. After that they did nothing that they promise on the HomeSteps website. The following in blue is copied from HomeSteps:

 

Once HomeSteps acquires a home, it is submitted to the following procedures:

  1. The home is secured - The doors were left unlocked, someone went inside and stole all the fixtures (lights, ceiling fans, etc.)
  2. Trash is removed from the interior/exterior - People started breaking in regularly leaving food, clothing, even used condoms.
  3. The lawn is properly maintained and is followed up by weekly maintenance - No gardener, plants were never trimed or maintained.
  4. Exterior/interior cleaning is initiated - The trash listed above is still there.

Our Good Neighbor Practices also include:

  • Maintaining a staff of Regional Area Managers who conduct random property inspections and provide listing brokers with scorecards on security of the home, exterior/interior cleaning, active utilities and proper signage - The area managers cover several states, it's not possible for them to check every home. The utilities were never turned on resulting in me paying twice for both home inspection and appraisal. Also with no water for the garden the lawn is dead and so are several bushes.
  • Conducting regular communication and training with our listing brokers and property maintenance vendors - What maintanence? See above.
  • Empowering our listing brokers to immediately address safety concerns - After appraisal the wall heater and water heater were both "red flagged" by the city. They were never repaired.

 

And as far as the home warranty you mentioned, yes they paid for it. It is offered by HomeProtect, and after checking their reviews it appears to be a worthless scam. I urge you to google it.

 

Thanks for letting me vent, I feel a tiny bit better.



Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Homepath 3.5% closing cost incentive

OMG.  That totally sucks.  The hotline I'm referring to for homepath is for  something the along the lines of "If you think an investor is getting ahead of a first time homebuyer" type thing.  I called that number and was able to find out the status of the offer/counteroffer game a few times. 

 

You might try Homesteps hotline and see if you get anywhere.  I'll agree that our grass is dead too from poor maintenance.  They didn't flip the switch in the garage to have power so they used a hose-sprinkler instead of the sprinkler system.  Also didn't mow enough, so the long-dead-grass killed the good grass in patches covering 1/2 the lawn.  It's stupid too because we personally saw the maintenance guy here all the time before we moved in.

 

Good luck with the rest of it.  At least you left your mark, and maybe someone will read about freddie's shoddy homesteps and think again.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

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