I was wondering if anyone had any updated information on Homepath financing. I am trying to avoid putting down 25% on my first property and was very excited to see the Homepath financing options...and then very disappointed to hear that it was recently discontinued. I've formed an LLC with two partners and we are looking for the best way to finance our first property. Thank you!
As far as I know you can still put less then 25% down for your first purchase as long as you owner occupy.
a good lender will do 15% through Fannie but you'll pmi unlike homepath with no pmi and only 10% down.
Middlebury, excellent dwelling choice!! I grew up in Brandon.
There are no updates that I'm aware of surround Homepath at this point.
Are you looking for owner occupied or non owner occupied?
If you are looking for OO:
VA Loan (http://benefits.va.gov/HOMELOANS/index.asp) Rural Development Loans (Renovations MAY be included)
3.5% AND Renovations
FHA 203k loan (http://portal.hud.gov/hudportal/HUD/program_offices/housing/sfh/203k)
Thank you for the response! We are looking at non-owner occupied. Are you aware of any programs that might work for non owner occupied properties? I'd love to connect with you at some point to talk more about REI in this area!
I'm always up for a chat. I have 3 places in Rutland, but would love to do some work in your neck of the woods.
I'd start knocking on the actual doors of local banks. See if any of them are willing write some interesting loans. Pretty much everyone will write 25% down, ~5% rate(2/2/15) loans on 2-4 unit properties. SFH investments might be a bit lower on the down payment sections.
I haven't seen too many SFH in New England worth buying as rentals. But more power to you if you found one.
The other great option is to find a place you can force appreciation. Get something you can fix up.
Thanks for the advice. Would it be alright to give you a call sometime at the number listed?
Certainly. Ring me up anytime.
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