HomePath Or FHA
by Steven from Roseburg, Oregon, USA
Ask Kate: HomePath Financing or FHA Home Loans - Which mortgage program is best for buying a house? Hi Kate, My wife and I are considering buying a home. I have been looking at either a HomePath or FHA mortgage. Do you have any advice on which would be a better option for us?
- Currently, her FICO scores are in the 550-575 range. Mine are in the 620-650 range. We are disputing a couple of items on our credit reports, and I expect both scores to go up a bit.
- I will make about $70000 this year, and she $25000.
- We don't have a lot of money to put down. In fact, the down payment will probably come from a relative. I have about $1700 in 401k, but that is all our real savings.
- We have a bankruptcy that is over four years old. Since then, she has a credit card that recently had some late payments, but we have a payment plan worked out, and we are trying to get them to remove the lates from her credit report. I have a credit card with no late payments reported, but with a high balance of $1200, limit was $1000. The account is closed now, but balance is paid down to about $750. Do you know which lenders would use my score over my wife's as it will be higher?
- We have two brand new cars we purchased just over a year ago with perfect payment history, and we each have at least one car purchased prior to that with perfect payment history.
- Lastly, the house we would like to buy is listed at $199,500. Is that realistic given our numbers? Monthly expenditure for car payments and credit cards is about $900.
As far as HomePath or FHA home loans, can you compare the two mortgage programs? Any information you could provide will be helpful.
Kate Answers: HomePath Or FHA - Which mortgage program is best for buying a house?
Hi Steven, Everyone is thinking about HomePath or FHA right now. The HomePath program, special financing available on Fannie Mae homes, features:
- 3% down payments from savings, gift, grant, qualified loan
- Fixed rate, adjustable rate and interest only options
- Less than perfect credit consideration
- Owner occupied and investor terms
- No mortgage insurance options
- No appraisal fees
Sounds good! So how do you decide, Homepath or FHA? Ask for a good faith estimate, the brain of every home loan process, to compare FHA home loans to Homepath financing.
Study the difference between the required down payments, interest rates
and mortgage closing costs
Ask about prepayment penalties and mortgage rate lock policies.
If you have a certain house in mind, does it qualify for Homepath... or FHA financing for that matter. Don't forget to ask how long each loan would take to process.
Your financial profile summary you have shared here will assist your lender during the mortgage pre-approval
process. Add the paperwork from this handy Mortgage Information Planner
to make your first appointment a breeze.
Near the bottom of this page, you will find links to pages on my website revealing secrets to FHA home loans. Use my articles to make your comparison of HomePath financing to FHA mortgages more complete.
In addition, by visiting FHA AND VA FAQs
, you'll discover solutions based on inquiries from other home buyers and homeowners who come to my website.
Take a moment to bookmark HomePath Or FHA - Which mortgage program is best for buying a house?
to your favorites so you can easily return in the future.
Steven, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!
FHA, VA, and USDA Home Loans
USDA vs FHA Home Loan Mortgage Program: Compare the home buyer benefits of FHA financing to USDA Rural Home Loans.
USDA Rural Home Loans: Zero down payment program for home buyers not shopping for a farm.
USDA Rural Home Loan Refinance: NO appraisal. NO credit report. NO debt-to-income ratios.
FHA Reverse Mortgage Refinance Program: Income without a monthly payment for Senior homeowners.
FHA Reverse Mortgage Purchase Program: Income without a monthly payment for Senior home buyers.
FHA Streamline Refinancing Announcement: Astonishing decrease in FHA mortgage insurance premiums.
FHA Streamline Refinance: Simplest way for FHA borrowers to get a lower mortgage rate.
Leaky roof, broken steps, peeling paint rescued by FHA rehab loan!
Today's FHA home loans are new and improved.
FHA loan requirements and there's plenty of them.
Join the Americans benefiting from FHA mortgage loans.
Lenders require FHA appraisals. Realtors advise home inspection. Why both?
When you call a lender to refinance, do you hear FHA loan limits are too low for your area?
FHA refinance vs myths - Powerful benefits to refinancing with FHA mortgage loans.
Does the government owe you FHA refunds?
A simple way to prepare for your lender's FHA eligibility calculator.
3 powerful but simple tips to finding your best FHA lenders.
VA Mortgage Loans: - No down payment mortgage loans for active military and veterans.
FHA, VA, USDA Rural Home Loan Questions: Unique answers by Ask Kate.
The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.