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FHA vs HomePath financing

Posted by danihoney (My Page) on
Thu, Jun 4, 09 at 18:04

Is there a significant difference?

We are looking at a home owned by Fannie Mae that states it is approved for a HomePath and/or HomePath renovation loan. We were originally in contract with another property using a FHA 203 streamline loan, but thanks to a nightmare of a realtor(and our blind faith), we lost that one. Our broker is re running our pre approval for this new home but is running everything based on FHA criteria.

Will this make a difference in the long run? Or is getting the pre approval at this time what matters most?


Follow-Up Postings:

RE: FHA vs HomePath financing

We lost a house the same way last fall due to the same set of circumstances which was really stupid. Why in the blue blazes would an agent talk you out of buying a house? There's no carfax for houses and thanks to HUD and 203K we were able to do it right. Wells Fargo has 203K money right now, albeit pricey.

We just signed a contract with Fannie Mae for house approved for Homepath. I asked my agent about this and he indicated that I wouldn't fit the(investor) criteria. Oddly enough today Fannie contacted Countrywide (AKA Bank of America) with whom I had obtained a pre-approval letter asking if I was doing business with them yet. BOA contacted me shortly thereafter, ran the numbers through D/U, and it looks like we may do some business. Let us know more about Homepath.

RE: FHA vs HomePath financing

Ok - I'm still waiting to hear. We are one of three with an offer on this home. I think our offer is the best of the three but we were not the first one in there, so it's a waiting game for us.

Our mortgage broker is more familiar with the FHA than the HomePath financing but one of the groups they are contracted with specializes in HomePath loans. I don't know all the vocabulary yet. She is supposed to get back to me this morning. So we'll see.

RE: FHA vs HomePath financing

Are you sure you're not talking about Fannie's Homestyle program? I usually know most of Fannies programs and can not find a Home Path program.

Here is a link that might be useful: Fannie Home Style

RE: FHA vs HomePath financing

From the listing...

'This is THE ONE. Beautiful home, move-in ready. Come and fall in love! Purchase this property for as little as 3% down! This propety is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing. Please contact listing agent for more information'

RE: FHA vs HomePath financing

Very interesting .. learn something new every day .. these are Fannie Mae owned homes. Makes sense.

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