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Would I qualify for a HomePath Mortgage

I was hoping you would give me an honest answer about my situation and some solid advice.

I am a retired US Army veteran with a pension of about $25K annually and I am single. I saw a Fannie Mae owned foreclosure in my area listed at $139K (hopefully they will take less) and it was listed as a HomePath.

Normally I am employed as a recruiter (headhunter) self employed, but for the past two years, I have been helping my daugher and son-in-law out by living with them and taking care of my two year old grand-daughter to help them save money.

Situation:

1. I would like to buy a home before November 30, 2009 to qualify for the $8,000 stimulus for first time buyers. I sold my home in 2004 and its been more than three years as required by the stimulus. This is like automatically getting the house for $8,000 less, because come income tax time in January 2010 I would get a check back for $8,000.

2. I currently have about $12,000 for a down payment. I have zero debt, own a motorcycle, car and household furnishings in storage.

3. I have two credit cards with a combined credit limit of $4,000 and they have a zero balance on both and no late payments.

4. My major issue is that I had a bankruptcy from Jan. 2008, filed mainly due to an income problem with the IRS after a failed partnership. I know that I can requalify for my VA mortgage in Jan.2010 as two years will have gone by. In some cases the VA will approve after 12 months with good credit since bankruptcy, however most lenders won't approve until 24 months, regardless of what the VA will do. To me that doesn't make much sense if the VA is guaranteeing the loan anyway. The lender is assured their loan is guaranteed either way.

5. I don't know what my credit score is, did not want to pay to find out, but I have used my credit cards and paid them in full each month, never late, pay my cell phone on the first of every month, pay vonage every month, pay my storage every month, never late on anything. I save money faithfully in my credit union. They would give me a 15 year mortgage, with 25% down, 7.25%, but I couldn't swing that.

6. I can easily make a $1,000 per month mortgage payment (PITI). I want to get a fixer upper place like this one, that I can be fixing up over the next 6-12 months and then when my grand-daughter starts pre-school, I would be ready to move in and restart my recruiting business or get a job elsewhere if needed. I normally made anywhere from $50-100K annually as a headhunter being self-employed.

Is there any way that I could qualify to purchase this home via HomePath given my current situation? Please let me know, and if not, do you have any ideas? Like I mentioned earlier, I know I can get my VA in Jan 2010, but by then I would lose this property and the $8,000 in stimulus for first time buyers. I am also working with NACA.com to qualify for their mortgage as well, but they also require two years since bankruptcy. They have a great mortgage, but again, it can't help me until Jan 2010.

Prior to my Chapter 7, I had excellent credit and have owned four homes and had second mortgages between 1976 and 2004. I never defaulted on a mortgage.

Can you offer me any constructive advice?

Thanks

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

You've got a good amount of down payment. You have a zero balance on your both credit cards and you have had no late payments. These are some of the positives that will work in your favor while applying for a loan. You have mentioned you have not checked your credit score, but you expect them to be good as you have never been late on your payments. But I'd suggest you to pull out your credit report from the bureaus, because there's no guarantee that the creditors have reported your payments properly. If they haven't or if there is any wrong information in the report, you can dispute it with the agencies and get them removed from there.

You filed for bankruptcy in '08. What type of bankruptcy was it? A chapter 7 or chapter 13? If it was a chapter 13, then you can qualify for a loan after 1 year, provided you've made the payments satisfactorily. But if it's a chapter 7, then most of the lenders would like you to wait at least 2 years after the discharge. If your credit score is more than 620, you can go for FHA loans. But most of the lenders will also want you to wait for 1½ to 2 years after the bankruptcy discharge. Since your credit seems to be excellent apart from the bankruptcy, there might be an outside chance that some lenders may still be willing to offer you a loan. However, your search will have to extensive enough to find out such lenders in this market.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Thanks for responding. Mine was a Chapter 7 in Jan 08. Yesterday I found out that one of my FICO scores was 679. I have pulled all three of my credit reports after the Chapter 7 and they seem to have reported everything OK.

Question: Are the lenders that are listed on the HomePath website the only lenders that can write a HomePath mortgage, or are any lenders authorized to write HomePath.

Is there any advantage to not going HomePath?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:42 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Gordon,

The lenders use your middle score while approving your loan. One of scores may be 679, but they will take into consideration your second best credit score. What is your middle score?

The lenders listed on the HomePath website do not seem to be only ones writing the HomePath loans. There should be other Fannie Mae approved lenders as well who write such loans.

HomePath mortgages could surely have been a good option for you. But they require you to wait for at least 4 years after the discharge from bankruptcy. FHA, too, allows loans only after 2 years of bankruptcy discharge. Some lenders are said to offer FHA loans to borrowers with good credit, even after 1 year of bankruptcy. But due to the present market scenrio, they have almost stopped doing that. You may have to wait for another year to qualify for a loan.

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am interested in purchasing another property. I currently own a home but would like to move to a better area. I have a car payment, mortgage and a balance of 2200 of a credit card. My sister lives in my home and she pays the mortgage 3/4 of the mortgage. my total monthly debt is 700 per month. my credit score should be around 700. Do you think i would qualify for another mortgage even though i currently have a home. my mort payments are 838.00 per moth my sister pays 650.00 of it and i pay 188.00 my early gross is 55,000.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

desi, it's hard to give you a straight answer because we don't know any of the proposed details of what you wish to purchase. if you cited a purchase price, how much your down payment would be, the taxes on the proposed home, as well as insurance; it would be easier to answer you.

do you and your sister both reside in your current home? do you have some sort of lease agreement with her for that payment? how much is your car loan? your credit card?

these are all factors in any answer we might be able to provide to you. your income looks good, but there's just too little to go on with what you've provided so far.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a credit score of 580, no debit, but just recently paid eveything off on my credit report(Feburary 2010) and have down payment of 5,000.00. trying to get a loan for 100,000.00 from homepath, would I qualify for a loan.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about34829.html#150419

Take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How long will it take to get approved for a homepath mortgage?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a foreclosure in08 it was a mortgage fraud I have call attorney general.. office bill mcCollum here in fla wood this stop me from buy a home with path.com I am 65 year old I saw a home for $84000 thanks you samuel malley

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jusy,

It'll take a few days time to get approved for a homepath mortgage. The lender will go through your financial information and credit details in order to approve you for a loan.

Hi samuel,

After a foreclosure, you'll have to wait for 3-4 years in order to qualify for a loan. Prior to that, lenders won't be ready to give you a new mortgage.

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:42 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in a lease purchase of a home. Wanted to know does the homepath loan on service foreclosures.

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sammie,

If you're unable to pay off the Homepath mortgage, then the lender has the rights to foreclose the property in order to recover the mortgage balance.

Take care.

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benblack_14's picture
benblack_14 | Joined: September 16, 2010 09:01 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

one of the great things about the homepath is that it you need a lesser down payment than for an fha mortgage. that said if you default in payments you can loose the property. you can check out the-best-mortgage-refinancing.blogspot for how how best to use the homepath

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Have Credit scores from 3 sources over 765. Have about 18000 in savings but want to put down 10000 on a home around 100000. I have zero debt. I have been on my current job for just over 6 months. I have worked in this field for approximately 16 years, however, I had a break of 6 years when I changed fields. The company I was with for 6 years was very dependent on new construction and when the market went away, I was laid off. Will my current employment status affect qualifying for a loan?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bradley!

Welcome to forums!

Your employment situation might pose a problem for you in order to qualify for a loan. Nevertheless, you should speak to the local lenders and start applying for loans. The lenders will check your financial and employment situation and let you know whether or not you'll be able to qualify for a loan.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I don't think too many lenders will have trouble with your current employment as long as it's a stable business, etc. Then again, what's stable in the USA in 2011?

But seriously, your duration on the previous job, combined with the wealth of experience you have in your current field, ought to bring favorable results from any prospective mortgagee.

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Karmapolice's picture
Karmapolice | Joined: February 12, 2011 11:42 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It's definitely a very good start since you owe no money on your credit cards and you have never had a late payment and not to mention that you are a retired US Army veteran, I am pretty positive that you will be fine, Good luck.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello..i got approved for a home loan of 350k thru FHA after 3years of foreclosure..my fico score is around 725 and i have a steady job of over 10 years.. would homepath have the same guidelines or hold me to longer than the 3 years after foreclosure?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kevin!

Welcome to forums!

As far as I know, homepath mortgages have same rules. You will be able to get a mortgage 3 years after the foreclosure.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I sold a short sale home that was proccessing a foreclosure. The bank accepted the short sale. Missed about a years worth of payments, lost a business. Currently rent a house, have $400.00 on credit cards, no other payments but utilitie bills and phone. Credit score is 726. Have about $20,000.00 to work with. :?:

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mister Tibbs!

Welcome to forums!

Though you have a good credit score and will be able to provide a down payment, you will still have to wait for 2-3 years after a short sale to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Feel free to ask if you've further queries.

Sussane

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