Homepath qualification guidelines. Help!

Anonymous — Sun, 11 Aug 2013 22:13:44 GMT

Hi,

I am looking to get a condo in the Chicago area that is Homepath financing eligible.
I would prob have to go homepath because of the fact that the complex is under 51% owner occupants.
I was preapproved for FHA but not Homepath. Properties up to 140K, Mid score is 680, DTI at 45% income 77k. I am willing to put up 10% down.
The current lender said that because of recent lates on car (related to divorce) (1 year ago) and a 4 year old collection ($1k) on my credit, they couldn't approve me for homepath. Are those fannie mae requirement?? I told them I was willing to pay the collection if required but no luck.
Are there lenders out there that can underwrite a homepath loan? Please help.

Re: Homepath qualification guidelines. Help!

Anonymous — Mon, 12 Aug 2013 10:50:52 GMT

There are dozens of lenders that participate in the Homepath program. List at: http://www.homepath.com/financing-lenders.html

Many reputable mortgage brokers also can help you obtain Homepath financing. The $1000 collection and the late car payments do not automatically disqualify you from the Homepath program but most lenders require that you are approved through Fannie Mae's automated underwriting system.

topic Re: Homepath qualification guidelines. Help! in Mortgage Loans

Homepath qualification guidelines. Help!

Re: Homepath qualification guidelines. Help!