HomePath Financing Qualifications
To qualify for HomePath financing, you must shop for Fannie Mae-owned properties. If you qualify you’ll be entitled to a low down payment, avoid mortgage insurance, enjoyed expanded seller contributions and enjoy other benefits.
Such homes are categorized as “move in ready” and may be bought by both owner occupants and investors. The HomePath Renovation Mortgage allows borrowers to obtain the financing of their choice from a commercial bank, a credit union or other financial institution and obtain enough money to finance the home and undertake a renovation.
Choosing a Home
Finding qualified homes is accomplished by visiting the HomePath.com website. Click on the “find homes” tab and you’ll be able to locate property by using the “search for a home” tab on that page. Find a home, click on its address link or use the “online offer” logo to review the listing details page. When you’re ready to make an offer you click the “make an offer” button to proceed accordingly.
Properties that are eligible for a HomePath Renovation Mortgage are marked according. This mortgage arrangement will not allow you to complete a gut job of the house, but it will allow you to undertake a light to moderate renovation. You can borrow up to 35 percent of the completed value of the home, with a $35,000 renovation limit in place.
Borrowers must show proof that the money received for a HomePath Renovation Mortgage was used to do the work. The buyer is not required to hire a consultant to monitor the work, but both initial and final inspections are required.
HUD Rehab Loans
Another program for home shopper consideration is the HUD’s 203(k) rehab program. It has been established to help homeowners rehabilitate and repair single family homes and is a tool for community and neighborhood revitalization.
Qualified homeowners may use the HUD 203(k) program to add decks, make room additions, for painting and other improvements. Certain energy conservation standards must be met and inspections performed. Many other rules and restrictions apply; consult the HUD site for more information.
See Also — SayEducate: Where to Find Foreclosure Deals
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