Comments on: Home Path Mortgages: Great HomePath Mortgage Deals From Fannie Mae

By: Krisa

Krisa — Thu, 28 Jan 2010 18:36:58 +0000

If I were to pay cash for a home (foreclosure) would I still qualify for the HomePath?

By: LEA

LEA — Sat, 16 Jan 2010 16:31:56 +0000

I have been pre-approved for an FHA loan up to 110M. My credit score is 653 (checked two days ago) my is DTI is 51%. Would I stand a chance at qual. for a HomePath Renovation loan?

By: John McCaa

John McCaa — Tue, 08 Dec 2009 19:42:38 +0000

Quick question!

What is the reserve requirements on using the HomePath loan. I currently own a rental property which I have had for 5 years and a condo for two years. Do I need cash reserves on all properties and how much?

Thanks for the help!

By: Danell

Danell — Mon, 08 Jun 2009 21:33:43 +0000

Fannie Mae’s website states that if you must have at least 35 down, but i have read where is is 3.5%, the same as FHA. Also, if your credit score is less that 660, you must have 20% down for the HomePath program. Do you know anything about this?

By: Justin McHood

Justin McHood — Thu, 04 Jun 2009 20:54:19 +0000

@Angela,

To my knowledge, you can use any type of loan to finance your home and not be disqualified due to financing type.

So yes, you can use the HomePath loan and still be eligible.

That said — be sure to check with your accountant first!

Also, here is a helpful site for many questions similar to this one:

http://www.federalhousingtaxcredit.com/2009/index.html

Justin

By: Angela

Angela — Thu, 04 Jun 2009 06:33:35 +0000

I’ve heard that when you use a private loan (something other than FHA) then you are not eligible for the $8000 tax credit Is that true. Then, if I buy a home with the Homepath financing am I still eligible for the $8000 tax credit or not?

By: Justin McHood

Justin McHood — Sat, 11 Apr 2009 17:35:59 +0000

@Marissa,

Thanks for stopping by and commenting!

For questions 1-2, the direct answer is “maybe” and “no”. Lenders look at your entire financial profile, not just your credit score when applying for a loan. Lenders look at your income, credit score and asset profile — so with just a credit score, it wouldn’t be wise to say “yes or no”. Call or email anytime and we can figure out if we can get you qualified.

3. Yes.

4. If you are referring to the $8,000 tax credit for first time home buyers, no. You will claim that on your tax return. If you are referring to any other type of stimulus cash from the government, I don’t see why not.

Call or email me anytime with questions!

Justin

By: marissa chavez

marissa chavez — Fri, 10 Apr 2009 23:57:42 +0000

1. I have a 630 credit score and had a bankrupcy three years ago, could I qualify for a homepath loan
2.
With my credit score, would I be able to qualify for an interest only loan?
3. Can the entire down payment to gifed by a family member
4. Can I use the stimulus cash as a down payment