Using HomePath for a first investment property

[Kyle M Miller]

Hi folks,

I've been reading a bit about HomePath (by Fannie Mae) and trying to get a sense of what experienced investors think of it as a starting point for new investors.

www.homepath.com

Why my wife and I are considering itL

• 10% down payment
• No requirement for using it as a primary residence

The properties seem to be in various states of disrepair (some of them mostly cosmetic) which doesn't scare us, we can source contractors and do cosmetic work ourselves. Inventory is low in our area, but we have time on our side to keep an eye out.

Also, there seems to be confusion around HomePath vs HomeStyle; from what I gather online they're not the same thing, but some people here insist that they are. Any clarity here?

We'd love your thoughts on a new investor considering HomePath as an option to keep up front costs low and get us started more quickly.

Thanks in advance!