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Old 04-27-2009, 06:03 PM
 
19 posts, read 20,380 times
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Hello,

I'm hoping some mortgage experts out there can help me out with some questions regarding a Fannie Mae Homepath mortgage.

I'm buying (or trying at least) a condo that due to HOA foreclosures being at 19% doesn't qualify for any kind of conventional financing, so I have to go with Homepath. I have excellent credit and qualifying isn't a problem. Originally, I was going to do conventional financing with 20% down (at a rate of 4 3/8% ). I'm buying this a second home that we will be the only ones using.

I've gotten 2 GFEs from 2 lenders on the FNMA approved Homepath list.
One lender gives me a rate of 4 7/8% with 2.25 points (.5 orig, .75 condo, 1 disc). It has me putting the 20% down. The did it as non-investment, so there are no other add ons
The other lender does a rate of 5% with 7 points - I haven't gotten a full breakdown yet but it only has 10% down and they're saying second homes and investments are one in the same so I'm sure there's extra adjustments for each of those... as well as some measure of discount to get the rate down to 5%.

I can't find real good documentation online anywhere as to what it should be. Can a second home fall under owner occupied, or is it relegated to investment (apparently, those are the only choices on this program). What are the adjustments that I should expect to pay?

Thanks so much for your help!

I'm under a time crunch so I have to decide.. yesterday.
As the contract says, time is of the essence. I've already gotten one extension from Fannie Mae due to the conventional financing falling through.

-Mike
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