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Fannie Mae HomePath Renovation Loan                 

Are you looking for a Fannie Mae HomePath Renovation Loan? Joe Wagner can assist you! Give Joe Wagner a call at 612-327-4544. Ready to begin?  Apply Online Now.

 

Fannie Mae offers special mortgage financing on their foreclosed properties to help buyers with necessary rehab work.

The mortgage loan is called the Fannie Mae HomePath and the renovation loan is called the Fannie Mae HomePath Renovation Loan.

The benefits of the HomePath loan include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance
  • Investor financing available at 10% down

We have been closing a lot of HomePath loan recently. Investors like them because HomePath is quite possibly the only loan on the market that doesn’t require them to put at least 20% down.

Another big benefit of HomePath Financing is that no appraisal is required (an appraisal will be required with the HomePath Renovation Program). This eliminates appraisal risk, saves money and allows more transactions to close.

Benefits & Details of the Fannie Mae HomePath Renovation Loan:

  • No minimum amount of renovation and no Consultant needed
  • Provides a conventional alternative to the FHA 203k with larger amounts of financing (up to $417,000.00)
  • Offers greater flexibility on the types of repairs that can be financed
  • Allow the financing of renovation on investment properties and second homes
  • Newly purchased homes can be renovated before the borrower moves in
  • Provides an outlet to purchase unfinished new construction foreclosures
  • No required improvements (must meet minimum appraisal standards)
  • Luxury items such as swimming pools, spas and saunas are allowed
  • No lump sum upfront mortgage insurance like with the FHA 203K Rehab loan
  • FHA allows for only one loan at a time; can have multiple Homestyle loans

 

Still have questions about a Fannie Mae HomePath Renovation Loan: Call Joe Wagner at 612-327-4544. It's his job to answer lending questions, so he is happy to help! We know you're busy, so feel free to complete the form below to be contacted by Joe Wagner.





Serving all of Minnesota.
Anoka MN, Apple Valley MN, Bemidji MN, Boundary Waters MN, Brainerd MN, Bloomington MN, Coon Rapids MN, Crow Wing County MN, Dakota County MN, Bloomington MN, Eden Prairie MN, Gull Lake MN, Hennepin County MN, Hopkins MN, Lakeville MN, Lake Mille Lacs MN, Lake Minnetonka MN, Lake Nokomis MN, Lake Pepin MN, Lake Vermilion MN, Lake Winnibigoshish MN, Leech Lake MN, Maplewood MN, Mendota Heights MN, Mound MN, Orono MN, Red Lake MN, Richfield MN, Rosemount MN, Savage MN, St Louis Park MN, White Bear Lake MN, Wright County MN.

 

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