Hey all ,
I just listened to podcast 64, and heard about homepath mortgages for only 10% down. Can anyone with experience with these (particularly in Colorado) elaborate on how to apply for these? Can most mortgage brokers do these? Is there a major draw back, like high PMI? This could offer a great opportunity for a buy and hold in the Colorado Springs area, so I'm curious how to get started.
@Daniel Elbe I haven't personally used this product, but have done a fair amount of research in the past. I believe you need to have 4 or less mortgages to use this product, I thought it was 15% for investors. It is my understanding that it needs to be a Fannie owned property, no appraisal and can borrow rehab money in some cases.
With only 10% down, a 1/4 or 1/2 point higher interest rate far out weighs the alternative of 20-25% down.
You have to find a good lender that can handle this transaction about 90% of mortgage lenders wont understand the product - be sure to ask how many they have closed.
Thanks for the feedback! Travis, any recommendations on lenders to start with out here?
Thanks Brad, will do
Homepath financing was discontinued in October of last year. It no longer exist.
Hi all. In the podcast Josh Sterling said that he used a bank in California to get a home path loan on an investment property. Can you please tell me which bank that is. Thank you.
see post above.
LOL Opps, sorry didn't see that. Thank you Wayne.
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