What is a HomePath Renovation Mortgage?

HomePath Renovation Loans allow a buyer to purchase a property that needs cosmetic renovation ONLY. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the after repair value, no more than $35,000. Unlike FHA 203K, HomePath mortgages are available for:

• Primary Residences
• Second Homes
• Investment Properties

HomePath Renovation Mortgage Benefits

• Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
• Down payment can be funded by the borrower’s own savings, a gift, a grant, state or local government, or employer.
• Renovation amount based on appraisal “after repair” value.
• No mortgage insurance required
• Available for primary residences, second homes, and investment properties.
• Many condo project requirements are waived
• Allows for GREEN and Energy Efficient improvements

HomePath Renovation Loans are available ONLY on HomePath properties which are PLENTIFUL currently. Fannie Mae also offers closing cost assistance and other incentives from for potential buyers to purchase using a HomePath or HomePath Renovation loan.

If you are looking for a foreclosure that is not a Fannie Mae foreclosure then property doesn’t qualify for  HomePath Renovation Loan, you’ll need to explore one of our other renovation loan options; FHA 203K or HomeStyle Renovation. Listings that are HomePath eligible are usually clearly marked.

2012 will be the year of the Real Estate INVESTOR. Don’t cash is your only option, leverage your investment opportunity with one of our INVEST RENOVATION LOAN options.

Not sure which renovation loan is right for you? Want to get interest rates, closing costs estimates or even a 203K PRE-APPROVAL?

Take 5 seconds and complete our handy RENOVATION ADVISOR.

We will review your scenario with you and provide experise other mortgage lenders simply don’t have. 

203K, HomePath or HomeStyle Renovation – we are the only lender that offers all three. With all the renovation loans available, we can make sure you get in the RIGHT renovation loans, not just A renovation loan

Confused at how HomePath is different from HomeStyle? HomeStyle is not property specific, while Homepath is only available on Fannie Mae foreclosures.

You can also use a HomeStyle renovation to refinance. It also provides for major structural repair, Homepath is cosmetic renovation only.

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HomePath Renovation States Served: Georgia | Alabama| Florida | Tennessee | South Carolina | Texas |