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Replies (4)
- michaelmccollum
- Contributions:12
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.
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.
- Newbieinvestor
- Contributions:3
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 ?
- Michael Emery, "MikeEmery"
- Contributions:7297
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.
- michaelmccollum
- Contributions:12
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
You do need to be an individual investor - not a business.
Wish I had better news.
Michael
Homepath Atlanta will I qualify
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