I have a question related to Homepath Financing and how it affects investors. My best friend and I are looking into a duplex that is eligible for Homepath Financing with as little as 5% down on the loan. However he spoke to the broker he works for (He is a real estate agent) and the broker told him that we need put at least 20% down on the house in order to get financing because we are buying with the intent of renting it out. My question here is can we utilize the Homepath 5% down payment if it is going to be a rental property? Or do we need to put down 20% in order to finance the property?
Last I looked you could put 10% down for sfr, but you have to go with a lender that is authorized to do homepath loans. Most aren't. I think multi family requires 20%. It's on their website as a downloadable PDF somewhere.
Ok thanks Mike. I'll have to check the website later today.
The loan is directed towards owner-occupants and investors, I would check with a HomePath lender. https://www.homepath.com/financing.html. Also, look at the homepath renovation mortgage, they give you up to 35% of value of home or $35,000 for repairs. This would be great for an investment with little money down.
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