Posted on: 31st May, 2010 09:24 am
Hello,
I see many homes in my area that are listed on the Homepath site as being eligible for the Homepath loan, even though they are under $50,000. Can investors get a Homepath loan on a house that is under $50,000? We tried to buy last year, but couldn't get a loan for under $50K, even with a credit score in mid-700s. The down-payment also wasn't a problem. It was the high-cost loan regulations.
I see many homes in my area that are listed on the Homepath site as being eligible for the Homepath loan, even though they are under $50,000. Can investors get a Homepath loan on a house that is under $50,000? We tried to buy last year, but couldn't get a loan for under $50K, even with a credit score in mid-700s. The down-payment also wasn't a problem. It was the high-cost loan regulations.
Hi Ceefee!
Welcome to forums!
As far as I know, you won't be able to get a Homepath loan under $50,000 though you have a good credit score, income or debt to income ratio.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you won't be able to get a Homepath loan under $50,000 though you have a good credit score, income or debt to income ratio.
Feel free to ask if you've further queries.
Sussane
Was looking at purchasing a nice duplex via homepath or homepath renovation as an investor in California, but it seems everyone has an overlay on the down and they all want 20 or 25% instead of the homepath 10% which just makes it a conventional loan - homepath not really available on 2 or more units... sure seems silly.