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I'm looking for a lender that can combine a dpa program with a homepath mortgage

In reading the Homepath mortgage specifications, it says that the 3% down payment can be in the form of a loan from various dpa programs, but both lenders I have spoke with say that fannie does not allow dpa programs with their mortgage products.
If anyone knows of a lender that can do this for a california property in Riverside, San Diego or Orange counties, please advise.
Thanks
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February 26 2012 - Palm Springs
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Answers (2)

What sort of DPA program are you talking about? If it's a loan it makes it harder with many lenders, a grant makes it easier but some lenders will still require 3% of the buyer's own funds to be part of the deal no matter what.

It may be that the lenders you are talking to have their own "overlays" that require a minimum statutory investment from the buyer regardless of Fannie Mae's guidelines. I have seen a number of them that cap the CLTV (Combined Loan To Value Ratio, which includes both the 1st mortgage and the DPA loan) at 97%, and some cap the Loan To Value of the first mortgage at 95% if there is any DPA.

Either way there are lenders that can do a 97% HomePath purchase AND allow you to use DPA programs. It just depends on the lender and which DPA program you are talking about specifically.

Hope that helps explain it a little bit...

Sincerely,
Greg

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February 26 2012
First off there's only a small segment of homes that are Homepath approved. When combining this program with a DPA program (which you may or may not qualify for, and the funds may or may not be available when needed), your home ownership challenges are now greatly magnified....

Whereas if you could get a gift for a 3.5% downpayment for using an FHA program, you'll have many more homes available to you, and you'll be in the driver's seat!

Feel free to contact me if you'd like to review your scenario in more detail!

best, Jeff Marr
Alpine Mortgage Planning
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February 26 2012
 
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