2015 HomePath and HUD guidelines if .......

6 Replies

purchasing as an Investor vs an owner occupant

I am trying to find the most recent and current guidelines for 2015 , as far as the required Down Payment percentage wise, if I want to purchase a property as a Investor vs as an Owner Occupant

I know that it use to be 10%  Down Payment for HomePath properties

and with HUD, I may even be incorrect on my thinking, but do they eve allow Investors to purchase properties ?

Thanks for the help and any current updates/changes to these two programs - Michael

I believe Fannie Mae did away with HomePath financing late last year.

As an investor you can purchase HUD properties once they hit the extended period.

Correct, Homepath no longer exist. HID/FHA is for owner occupant only. Investor properties will be 20% minimum down. HUD REO's have owner occupant only restrictions in the beginning, then they're open to investor purchases, but no financing offered either way.

Lisa and Wayne,

Thank you both for your replies

I had a few quick questions please.....

1. HomePath doesn't exist anymore..... does this mean that they no longer offer any type of financing ' actually " through them ?

But they still have the HomePath website, with listed properties for sale

2. As far as purchasing a HUD property...... so for purchasing as an O.O. vs an Investor..... what % down to you have to pay for the two ?

Are they both 3.5% down ( FHA loan ) , but that as an O.O. , you get first shot at purchasing any of the listed properties, and then after 15 days of a property being listed, it is then offered for Investors at 3.5% down payment /

Again, Thanks for the help

much appreciated

@Michael Dunn  

Home path offers No Financing any longer.  

FHA financing is for Owner Occupants only, doesn't matter who the seller is.

Wayne,

Thank you for clearing that up

I guess my question then is..... Is thee a way to get Financing for the sole purpose of purchasing a property as an Investor ( as long as this is stated to the Financing company / Lender ) on thefront end ?

Portfolio lending would be one way to go.

Just go have a chat with your local lenders and explain what you intend to do.

Having a great working relationship with your finance options is always a good thing. Portfolio lending gives you the flexibility and allows you to build credibility for the next deal.

Cheers,

-Sam

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