There's a bunch of homes available, but they are Homepath properties. I understand that investors need to wait 15 days for offers? There is one that is listed with eligibility for Homepath renovation financing.
Does that mean that I would have to go with that financing? Or can I do my own conventional financing and not have to worry about using their contractors or whatever?
Can anyone explain what Homepath is, what I should know about it as an investor and things to consider on those types of properties?
all Fannie Mae foreclosed properties are sold through Homepath website - "HomePath.com is the Official foreclosure website owned by Fannie Mae" (the same as Freddie Mac is using Homesteps - "HomeSteps.com is the official REO home search of Freddie Mac"). You do not have to use Homepath renovation financing, you can go with your own. I made multiple offers there, never got one accepted. So just go to the website and they have a lot of FAQ and tutorials there.
Thanks for the info!
It's been over 90 days this 2 unit has been on the market. I just wanted to make sure that I can use whatever financing I want and don't have to go with their contractors for any work that may need to be done.
@Therese V. I had a conversation last night with a lender I work with and found out he is approved for homepath mortgages. The point is you cannot use any form of lending with homepath, my understanding is you must use an approved lender. Not all lenders are approved for homepath financing, in order to put an offer in it is vital you get pre approved by a qualified lender.
quick tweak of my post. Not all homepath homes require homepath financing but the ones that do will require a homepath lender. Next to the property will be an icon labeling if homepath financing is available or not. Properties with the icon will require homepath lending.
You are NOT required to use HomePath Mortgage nor HomePath Renovation Mortgage mortgage on any of their properties. They offer those products, but don't force you to use them.
I have had a few properties that would not finance through a conventional loan, so I had to use the Renovation loan, but only because they do not require an appraisal.
If you do decide to use one of their loans your lender will need to be approved. If you are planning on using the Renovation loan be aware that fewer lenders do it, while most will be able to do the HomePath Mortgage.
Ditto, Robert. Homeopath loans may be offered, but you can use any financing to buy a Homepath property.
But@Therese V. If they are offering Homepath Renovation loan, that means the property is Not currently in financable condition, so if you don't use their Renovation loan, you'd need cash, or to do an FHA 203k, if owner occupied.
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