Profile picture for Newbieinvestor

Homepath Atlanta will I qualify

I just recently purchased a home at the top of my price range but I would like to purchase a rental property with the homepath loan. The house is a 3 bed 2 bath home in which I can rent for about 1000 a month. I have a credit score of about 700. Would I qualify for the loan considering that it would be a investor property?
  • January 24 2012 - Atlanta
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Answers (4)

Profile picture for michaelmccollum
You mentioned the "top of your range."  If that is due to your debt to income ratio being near a limit, then it might be difficult as the debt of the new mortgage will be counted against you even though you plan to rent it.

If by "top of your range" you mean up to what you are comfortable paying each month on your home, that may be another story.  Can you provide us with more information.  I will say Homepath is a great loan for investors as it only requires 10% down and you don't have to worry about an appraisal.
  • January 25 2012
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Profile picture for Newbieinvestor
Top of range meaning debt to income ratio being high. Is it possible to use a business to purchase with a homeopath loan or does it have to be an individual ?
  • January 25 2012
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I checked the FM Homepath site and you can indeed use Homepath for some investment property. But I believe the home has to be a FM foreclosed property which is offering the Homepath financing as an option.
  • January 25 2012
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Profile picture for michaelmccollum
The highest DTI you can go on Homepath is 45% with possible exceptions up to 50%.  If you know you are already high, then it may not be possible.

You do need to be an individual investor - not a business.

Wish I had better news.

Michael
  • January 26 2012
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