Profile picture for Lindz6515

If I can pay the 20% downpayment on a loan to avoid MI, are there any advantages to a HomePath loan?

I'm a first time home buyer and a home I'm looking to potentially purchase is qualified for a HomePath loan. If I'm able to pay the 20% downpayment in order to avoid the MI fees, are there still benefits to doing a HomePath versus FHA? If the home is qualified for HomePath, do I have the option to take out alternate loans such as FHA?
  • August 28 2011 - Stratham
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

There's no reason to do Homepath nor FHA from what I'm seeing.  
  • August 30 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

20% down homepath loan is no different than a 20% down conventional loan.  If you put 20% down on an FHA loan you will still pay the UFMIP and if you a financing for 30 years you will have Monthly MI for the next 5 years.

My question to you woudl be why would you go FHA if you have 20% down?  Unless your credit is sub 640
I doubt FHA makes sense.
  • August 29 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for daveskow
no mortgage insurance
no appraisal needed

if you put 20% down you should obtain a regular conventional loan  as this rate/ fee  should be lower than a homepath rate/ fee at 20%  down
  • August 28 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.