My lender knows this, my real estate agent knows this, and Biggerpockets has a page on the Homepath program as well that state this. The interest rate last week from my lender was 5. My lender knows my situation well and I just completed a refi with them one month ago. There have also been changes to the Homepath program which make it a better deal than it once was for investors.
The Homepath web page specifically states that financing for more than 10 properties and up to 20 is under the following terms:. Research for yourself and find an experienced Homepath lender and an experienced Homepath agent as I did. Do not rely on the information I pass on alone or the information from detractors. The expanded guidelines are available in theory, however I will believe it when I actually fund the deal for financed properties from Fannie.
Albert, thanks for the information. Just like my parents taught me I thought there was no "free lunch". If you signed up for BiggerPockets via Facebook, you can log in with just one click!
Log in with Facebook. Full Name Use your real name. Password Use at least 8 characters. Using a phrase of random words like: paper Dog team blue is secure and easy to remember. All All. Menu Menu. Recommended Vendors. Real Estate Books. Featured Book. Get the Magazine. Search Nova. Log In Sign up. Create post. Rotate Log in or sign up to reply. This was podcast 64, 50 Units in 5 Years. If you think you have issues as an owner occupant with buying government-owned foreclosure properties, the I-Team would like to hear from you.
Actions Facebook Tweet Email. Home buyer believes rules not always followed. By: Adam Walser. The property, located in rural Pasco County, came with a barn and stables on five acres. But first he had to buy it. Since it was a Fannie Mae Homepath property, his agent didn't like his chances. In the end, investors may be eligible to purchase a Fannie Mae HomePath property if no one purchases it for owner occupancy.
It helps to have a real estate agent that is well-versed in the program to understand your options. Keep reading to learn how it works. When Can Investors Bid on the Home? Understanding Your Bid Bidding on a HomePath property works differently than bidding on a standard home purchase. Search Search the site Log In Sign up.
Create post. Hi folks, I've been reading a bit about HomePath by Fannie Mae and trying to get a sense of what experienced investors think of it as a starting point for new investors. Thanks in advance! Rotate Log in or sign up to reply. If you listen to this weeks BP Money podcast with Scott Trench and Mindy Jensen , Scott describes using this strategy as a "cheat code" and I agree with him because of these reasons: The exclusive owner occupant bidding period for these homes gives you access to purchase properties you would never be able to purchase if investors also had access.
This is a major advantage. HUD and Fannie both have these first look periods for owner occupants. The low down payment options 3. The by-product of expanding your price range is you should be able to buy in a better neighborhood than you would otherwise. This is great for comparatively expensive markets like the one we have here in Connecticut or maybe even where you are in Washington.
If done correctly, in the end after the renovation is completed you should have equity in the property and have taken care of a lot of the deferred maintenance with the rehab funds loaned to you.
This is important because not only are you saving money on your living expenses by house hacking, but you should be able to build up your reserves even more because that deferred maintenance was done during the rehab phase.
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