Hello everyone! A bit of background here.
My girlfriend and I are looking to buy a home, a condo specifically. We have gone through the pre-qual process and found the place we like, we even got an offer accepted! This skips over a lot of stress and anxiety, but that is all behind us.
We opened escrow last week. All of a sudden there is a hitch in the process. My girlfriend and I aren’t wealthy, so we qualified for an FHA loan with the provision that we would get down payment assistance with a Nehemiah program. But according to our lender, the rules for buying a condo with an FHA loan have recently changed, and now you have to prove that 51% of the condos in the complex are either: owned and lived in by the same person, or owned by an in-state person. Unfortunately, we can’t.
This brings me to my question. Our only option to purchase this condo seems to be something called Express Path financing. (Here, this is because they don’t have to follow the FHA requirements like the 51%, as I’m told.) But I have never heard of these people before, and I can’t find any real information about them. I’m wary about scams, my girlfriend’s mother just lost her house in the last month because her mortgage company was running a scam. Has anyone here heard of them or used them before? If so, how did it work out? Has anyone heard anything dubious about them? As always, thanks to the Dope for all the help!