Could we qualify for a Home Path Mortgage?

Hey Laura.. HomePath financing is only for HomePath homes, and because it's a conventional product, you do need a 660 credit score to qualify... however you can also purchase a HomePath home using FHA financing.. You will have to pay for the appraisal, and if there are any property deficiencies, Fannie Mae will not do the work, but this is an option for you if you find a HomePath home you wish to purchase... and I agree with the post below about Wells Fargo not being your best choice.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Home Path can be a great program, and it can also be nothing special for many people. HomePath requires a middle credit score of 660 for all applicants. The program is only available for a select number of Fannie Mae foreclosed homes. It is not available for any home. It also has no mortgage insurance, which sounds great, but they actually build the cost of PMI into the interest rate. Therefore a HomePath Loan with a small down payment has a significantly higher interest rate than a standard loan. Sometimes you are better off choosing a standard loan. Also, if the home is listed as HomePath eligible, you do NOT need to use HomePath to buy it. You could, for example, use an FHA loan which most lender WILL provide with a 650 score. We Provide Home Path Loans (www.Hom-Path.com) in MN and WI

Hello Laura:Choosing Wells Fargo as a lender for your situation was maybe not the right decision then they are considered to be one of the most picky lender to begin with however there are some other companies around who can qualify you for a home path loan or FHA loan for your home purchase! Specially in your situation you are better off to work with an experience mortgage broker who is approved with lots of lenders with the variety of the guidelines that way the mortgage broker can evaluate your situation and place your loan to the right lender! You can get a loan with a credit score of 580 and above therefore you don't need necessarily to wait till your FICO is up however your rate may be a little bit higher than otherwise in your situation & due to lower credit score therefore you may get some rate adjustment compare! You are more than welcome to contact me for your free & no obligation consultation!Shab KavandiAmerican Select Funding, Inc.Tel: 714-639-6694

I have been doing homepath for about 4 yrs. they are picky on trade lines and mortgage trade lines, its not for a first time home buyer .. If you paid off your medical bills you should be able to rescore to a hgiher score.. email me at yourloanparnterforlife@live.com

HomePath is nothing special. Basically, Fannie Mae is the Seller and they set the price based on their perceived value. Because they set the value, no appraisal is required. That's the good news. However, it is a conforming loan and conforming loans have a higher credit score threshold than FHA and since you don't do an appraisal, you don't know if you are overpaying or not. Finally, a HomePath loan does not require Mortgage Insurance.....Buuuuut. The pricing premiums in a HomePath loan are high enough, that you could argue that you are paying for PMI with the higher interest rate. To date, EVERY single HomePath borrower I have worked with ended up going FHA and in each case, the FHA appraisal reduced the sales price by a couple of thousand dollars AND their monthly payment even with FHA Mortgage Insurance premiums was lower than the payment on the HomePath. Whatever you decide to do, work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. More importantly, he/she will be willing to work through the numbers for you so you can decide which I the best deal for your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I realize I'm a little late to the party on the response here, but I'd like to just add that HomePath financing is nothing special for an owner-occupant like yourself. It sounds nice when it's presented..."no appraisal, no mortgage insurance..." But, just like Bert, everybody ends up picking the FHA loan because it's cheaper anyway. The one place I would recommend someone look at this program is as an investment property; it still has no appraisal or mortgage insurance and it goes to 90% LTV (10% down payment). So, for an investor, nothing comes close, but for your own home, I'd say stick with the FHA loan. Get a quote from a local mortgage broker, though. In my area, I don't have any problems beating Wells Fargo retail pricing, and that's if I still send the loan to Wells Fargo.