I closed on a Homepath loan in August. It was a really good buy but I had to put 15% down. HomePath changed requirements in August. 3% OO, 10% 2nd Home, 15% Investors. The process was not bad at all. Paid 1.5 points for a rate of 5.25. No PMI, No Appraisal. I did have to buy a survey though.
I am the process of closing one now, so far so good. The borrower is very clean with 2+ years of landlord experience and showing profits on the tax returns. The reserves are and this is only the 3rd property that he owns, since we don't count the properties under commercial financing. The turn time for underwriting was around 7 days but that was to be expected. I finished final conditions last week and we are just waiting on the clear to close, which I should have by Thursday. I sent the file to 1st California wholesale, I believe they have a retail broker side as well, if you don't have a mortgage broker that you work with.
I recently closed on my first investment property using the Fannie Mae Homepath product. I was able to close on the property with reasonable closing costs, 10% down as an investor, and closed within 30 days. I didn't pay any points at closing, so the interest rate was high, 6.25%. I used the big bank, Wells Fargo, for financing.
I closed on a Homepath loan in August. It was a really good buy but I had to put 15% down. HomePath changed requirements in August. 3% OO, 10% 2nd Home, 15% Investors. The process was not bad at all. Paid 1.5 points for a rate of 5.25. No PMI, No Appraisal. I did have to buy a survey though.