Homepath homes and closing costs

[Randomalities]

Hi, I wanted to know if anyone has experience buying a Homepath house. Anything about your experience would be great, but I'd really like to know if it's possible to get help with the closing costs. Thanks!

[doodlebugger]

We have been trying to buy a house through homepath, and we were told that it just depends on the caseworker and how competitive the market is in the location you are buying. For example, in one area, the market was very competitive because it's in the city, and they said they knew they could find a buyer who would not require assistance with closing costs. In a less competitive market, in the country, where houses have been sitting for over a year or more, they are more willing to work with the buyer to get the house sold.

 

The question is - are you going to try to finance your closing costs (roll that into the loan), or are you wanting them to pay some of the closing costs (which will affect their bottom line)?

[Randomalities]

Well, I would need a homepath renovation mortgage for the house, which has dropped in price at least 3 times since I've been watching it. Also, the house is already underpriced for the area, so I'm assuming it's not very competitive in that area. If the difference between getting it and not getting it is me rolling closing into the loan, I'd be OK with that.

[doodlebugger]

Wow....lucky on the price drop, but I would make sure that you get a full disclosure on the property so you know what you are getting into. Some of the houses we have looked at seemed pretty normal on the surface, but after viewing the disclosure, they had costly problems. The house we have been trying since last fall went from being on the market as a short sale for $89k to being a foreclosure with homepath and jumping to $109k. Apparently some paint, new carpet, and new appliances has allowed them to price the house $20k more.

 

Good luck to you!!!