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Old 09-08-2010, 10:15 AM
 
2 posts, read 7,660 times
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I'm looking to buy a REO property for about 130k. I have great credit (~780), am already approved for a mortgage, and could put 20% down although I prefer only 10%.

The property is eligible for the Homepath Loan with only 3% down. I haven't done much investigation yet, but am I better off going with the Homepath loan or a regular mortgage?

Thanks,
Drew
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Old 09-08-2010, 06:07 PM
 
Location: Lending in all 50 states
187 posts, read 672,457 times
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Quote:
Originally Posted by Chiefrocky View Post
I'm looking to buy a REO property for about 130k. I have great credit (~780), am already approved for a mortgage, and could put 20% down although I prefer only 10%.

The property is eligible for the Homepath Loan with only 3% down. I haven't done much investigation yet, but am I better off going with the Homepath loan or a regular mortgage?

Thanks,
Drew

Hi Drew,

Once you factor in all of the rate adjustments associated with the HomePath program you'll probably be better off going with a regular conventional mortgage even at 10% down.
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Old 09-09-2010, 09:32 AM
 
25 posts, read 56,555 times
Reputation: 26
I would say take the mortgage with the lowest costs and interest rate. Put the 10% down with the normal mortgage. Pay in all the extra money into the mortgage if you can access it again. If you can't access it go and ask them to give you an access bond. Then you pay all your extras in which will help to bring down the total interest you have to pay. The day you need some of the money again you can go and withdraw it. It then works like a savings account with much better interest rate.
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