Are some homepath properties NOT eligible for homepath loans?

Question

I've been talking to my banker about homepath loans.  My bank is a Homepath lender, but they can't do the renovation loans.  So I was looking through the homepath homes near me and very few actually have the "homepath mortgage" sticker next to them.  Are the homes WITHOUT the sticker next to them NOT eligible for the homepath loan?  I noticed the sticker only seemed to be on the higher priced homes.

Edith TenBroek · Answer

Thanks for the update William.  How can you tell if a house on homepath.com is eligible for the homepath loan?  Is the sticker the final word or is there more digging to do?

William Robison · Answer

Not all properties on the HomePath site are eligible for the HomePath Mortgage.  I have professional experience with this and target HomePath as a major source of our property acquisitions.

HomePath sells houses that are in significant need of repair and do not qualify for any traditional financing.  Cash and maybe private funds.

HomePath then offers two types of mortgages on other properties that do not have so many needs.

The traditional HomePath loan that they offer on their own properties are properties deemed by their inspectors to be livable and only in need of minor cosmetics at most.

The HomePath Renovation mortgage relates to a property that needs some work, but is still a manageable project by the average consumer or light contractor.

The next step is to find one of the Renovation lenders on their site willing to actually write the note, but I have seen success posted on the BP for this, so it can happen.

I tend to work with a local lender whos reputation I can count on.  He is able to write the traditional HomePath mortgage.  The benefit to these are that you can:

Buy with 10% down as an investor, or 5% as an owner occ

Not pay for the appraisal, they will use the one that they produced when the got the house back

And, as an investor, you can exceed the traditional limits of FNMA loans by buying HomePath houses and using their loan programs up to a higher limit (20 I think)

http://www.homepath.com/financing.html

Albert Bui · Answer

everything on their site eligible for atleast basic home path you need the special sticker for renovation

Edith TenBroek · Answer

that's what I am trying to clarify.  Many of the properties on homepath have no sticker at all.  So are they or are they not eligible for a homepath mortgage?  Who should I contact to find out?

Albert Bui · Answer

there's different stickers but all of them on their are eligible for a form of homepath or other maybe not renovation but atleast regular. Homepath  for instance

Phil G. · Answer

Only Homepath properties designated on homepath.com as being eligible for Homepath mortgage or Homepath renovation loan with the "sticker" are eligible for Homepath financing.

Albert Bui · Answer

yes they are

Edith TenBroek · Answer

Ok,  so are the properties listed at homepath.com all Fannie May or not?

Albert Bui · Answer

What determines if it is homepath eligible is if the home is owned by fannie mae. You can ask a title agent to have access to title profiles so you can pull up title information on each property you look at to determine if fannie mae owns the property OR you can go to homepath.com and look up which properties are Fannie Mae owned to be eligible for home path.

It must be fannie mae owned to be eligible.