Homepath or USDA?

Homepath homes are too few, you are far better off with a USDA loan but your credit score will open you up to other options as well. ontact a local mortgage broker, not the big bank, and have them provide you with some options.

There are many options (better than Homepath or USDA) available with a great credit score like yours and also having a down payment. I am an Illinois Lender, so please feel free to contact me if you need more info. barb.lanis@1amllc.com

HomePath financing is only available on HomePath homes.. Which there aren't that many.. And the pricing is a bit higher, but no mortgage insurance, so that's a good thing.. USDA is only available on homes within the USDA area map.. if the property isn't within the boundaries, it won't qualify for USDA financing... FHA is available on just about every home you look at but the MI is expensive.. Conventional financing is a good way to go if you have a decent down payment.. you can get the good rates that are being offered and if you have 20% or more to put down, you won't have to pay mortgage insurance... if you really want to know for sure, you should get with your local mortgage broker and have him work up the 4 different scenarios so you can look at them side by side.. Then make your decision.. 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

why are you limiting yourself to homepath or USDA?

Good AfternoonMy name is Vincent Bertocchini I work for Great Mortgage please give me a call at 815-733-5108. With that credit score you have different options. The problem with the Homepath loan is the limited inventory. The USDA loan will work but we could look at options with limited down payment and no mortgage insurance because of your credit score.Thank you for the opportunity to earn your business

Hi, USDA will not work with someone that has assets to work with. They are more so geared for lower income, no asset type individuals. Homepath on the other hand is for someone that is looking to purchase a property and fix it. Homepath loan is for homes owned by Fannie Mae. They are foreclosed properties and therefore most of the time will need some type of work. Homepath requires no inspections and no appraisal because FNMA already knows the condition and most times you're in a bidding war to get those homes. You can for your own peace of mind get inspections however don't expect Fannie to fix anything, that's kind of what you're signing up for when you're trying to buy a Homepath home.. I would call a local broker/banker to help with your financing needs. Good Luck to you!

I don't think either of these programs would fit you best. If you like I would be happy to meet with you since I am located in the Oak Brook area to discuss other options that might fit you better.

In today's day and age, 775 credit is more than decent. Well first off, I'm not sure if you have a property already in mind, but the property would have to meet certain requirements. The whole idea behind homepath loans is to make it more attractive to buy a foreclosed on Fannie Mae home. They make it more attractive by offering it at minimum financing and also by removing the need for pmi. The property would have to be a Fannie Mae property and meet certain requirements. The USDA loan is only available in certain areas. It's not available in large cities and you need to fall under the income line designated for that area. I'm a local lender that specializes in this so i would love to talk about your situation and see what mortgage plan would be ideal for you. if one of these options are the way to go I have realtors that would show you properties that fit the bill for these programs. Contact options are on my page

I have been doing HOMEPATH home loans for over 4 yrs, yes its limited in the inventory, but if you find a home that you like, its great, since you can put 3% down , for primary or second home, at 10% down for a investment, and their is no appraisal , so you do not have to worry about that , coming in at the value, and the reason the homepath homes seem higher in price, they have already built in 3.5% in closing costs, and the 6% commission, so make sure that your realtor gets you the closing costs, or if you want to pay your closing costs, on a purchase you can write off on your taxes, make sure the realtor discounts the home ... you can email me at yourloanpartneforlife@live.com

If both you and the property are eligible for both, it would depend on the amount of your downpayment. I exoect that HomePath or another conventional loan would work out better for you.