Renovation home loans from HomePath enable home buyers to purchase properties that need some renovation. The cost of renovations may be added to the loan balance, making the purchase more affordable. In this article is some useful information on renovation home loans from HomePath.
What Homes Qualify
In general, HomePath home loans are strictly available for Fannie Mae owned properties. There are normally a wide range of lenders approved to offer HomePath home loans. Homes requiring minor to moderate renovation may also fall under special renovation home loans from HomePath. This is normally included right in the listing details.
In addition to the property qualifying for HomePath home loans, home buyers must also meet certain guidelines. Specific requirements may vary by mortgage company but normally includes income and credit score criteria. Speak with your lender for details.
Details on Renovation Home Loans From HomePath
Renovation home loans from HomePath come with some great terms. Buyers can put as little as 5% down. Furthermore, down payment funds may be their own funds, a grant, a gift, or even loaned from designated approved entities. Fixed and adjustable interest rate options are available. Another money saving feature is that no mortgage insurance is required. Lastly, sellers are allowed to make concessions towards closing expenses.
An appraisal is completed to estimate what the value of the home will be once work is final. The amount of the home loan will include the purchase price plus cost of the work to be completed. Renovation expenses may be as high as $35,000 or up to 35% of the appraised value.
Additional Information on HomePath Home Loans
When considering purchasing a Fannie Mae home that qualifies for HomePath financing, you should speak with an approved lender beforehand. Your lender can provide more comprehensive information on whether you qualify for the program and what the specific costs would be. This will help you determine whether the home will be a good fit for you financially. For more details on this and other similar programs, contact Troy Richardson at Maple Leaf Realty at 802-447-3210 or email@example.com.