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More questions about homepath loans for the experts

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khw
Regular Contributor

More questions about homepath loans for the experts

Hi,

 

I posted a couple of days ago about getting a homepath loan as an investor, now I have a new problem; we found a homepath home that we like but needs lots of work and had decided to make an offer tomorrow. Our lender had already told us we "should" pre approved based on what she saw but we went by today for her to run it through initial underwriting and get us our letter of pre approval. Well she couldn't get it to go though it kept saying there was an error, but it turns out that lender didn't offer %10 down for investors, they only offered %15 down. We really don't want to put 15% down because of the cost of fixing the property we'd like to have some cash left after closing. The lender she was using was flagstar, and the only other lender that offers homepath that she has access to is "everbank" she's supposed to being calling them tomorrow to see if they offer %10 down for investors, but she says no one ever uses them in her office and she doubts they will take 10% down. 

 

My questions are Everbank or any other lenders doing 10% down on homepath loans for investors? I thought that was something homepath offered, and if any one does offer 10% where should I go to get it? We are in Virginia, if that helps at all.

 

Thank you so much! 


Starting Score: 480-550 in 2005
Current Score: 761 TU/764 EQ - 08/1/2013 /754 EX 12/15/12
Goal Score: 800


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Booner72
Senior Contributor

Re: More questions about homepath loans for the experts

Hi - I'm sure you have done this, but have you gone to the "find a lender" section on the homepath website?

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
Message 2 of 4
khw
Regular Contributor

Re: More questions about homepath loans for the experts


@Booner72 wrote:

Hi - I'm sure you have done this, but have you gone to the "find a lender" section on the homepath website?


Hey,

yes I have there are a lot listed, but I'm hoping that someone will know if 10% down for investors is still being done and by whom, so I have some direction to go in. I'm still waiting to hear from everbank with my fingers crossed! Smiley Happy


Starting Score: 480-550 in 2005
Current Score: 761 TU/764 EQ - 08/1/2013 /754 EX 12/15/12
Goal Score: 800


Take the FICO Fitness Challenge
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ShanetheMortgageMan
Super Contributor

Re: More questions about homepath loans for the experts

Wells Fargo does 10% for investors on HomePath.  I've found each Wells Fargo loan officer sort of specializes in one area, so if you just call up and get someone random you could be their first HomePath loan.  Do a Google search and include "Wells Fargo" & "loan officer" and any other terms relating to HomePath, and odds are youl'll get a list of a few of them.

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