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Homepath qualified or not? Help...

Ok so I am 32 I have a rental home and a primary home now and am looking to move up. Both current homes have lost 30 a 50 k each so my only choice is to now have a second rental. I have good credit , 680 690 763 I have a 1250 mtg and a 1800 mortgage. And an additional 1775 going out beyond them. So 4825 going out, I make about 17000 a month from my job 1150 in rent at one and I assume another 1750 from my current. Recap 4825 out 19750 ish in. Looking at a 390k homepath and I have about 20k in the bank total... Am I in trouble assuming the current house rents putting down 3% will this happen. Help
  • March 04 2012 - Germantown
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Answers (1)

You should be fine based on what you have mentioned above to purchase a home on Fannie Mae's Homepath.com website.  A primary residence purchase can go up to 97% with no monthly pmi or appraisal necessary.  Also if the property qualifies for homepath renovation, you can finance improvements as well as purchasing the property.  You can finance up to 97% of the total of the price plus improvements as long as the property appraises for at least this total subject to the repairs.
  • March 05 2012
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