Homepath Loan ?? Owner Occupy but have 4 Mortgages

[Lynn McGeein]

Anyone here know Homepath loan rules regarding owner-occupied when you already have income properties & 4 mortgages?

We recently moved for work, and want to purchase a Homepath Property to have the low 3% Owner Occupied downpayment so we can keep our savings to buy a waterfront home in the future. Just read that if you have more than 4 mortgages already, which we do, that you can't get the owner-occupied downpayment loan. It also said if you have more than 4 mortgages that you will be required to pay 25% downpayment even for a Homepath loan, even if owner-occupying it. This appeared to be an old document still online, so not sure if accurate.

We are actually wanting to owner-occupy, we are renting here and would love to move into our own place, especially as it's cheaper and I'd rather pay myself than another apartment complex, so does anyone know if we are okay with the owner-occupied 3% down Homepath financing or do we need to look for an alternative? And even if the owner-occupied downpayment doesn't work, do we need a full 25% down as we already have 4 mortgages, or will they accept the investor 10% downpayment on an owner-occupied situation?

Our lender is great at helping us, but told us to expect hoops to jump through and I don't want to get too far into this just to find out it's not 3% down, it's really 25% and it all falls apart.

If anyone out there knows current Homepath financing issues regarding this or a link where I can read the full guidelines myself, I'd really appreciate a reply.