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Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending. Enter your email address to subscribe to this blog and receive notifications of new posts by email.
A consortium of industry professionals commmitted to the revitalization of our nation’s housing stock and creating sustainable homeownership.
Fannie Mae recently announced an incentive program to help sell more of the properties it still owns.
Fast forward a few years and Fannie Mae still holds onto more properties than leaders there would like.
Brad Lewers, Renovation Operations Manager at AmeriFirst Home Mortgage says a€?This is a great idea from Fannie Mae to help home buyers looking to revitalize their communities. Take a look below at some of the eligibility requirements from the HomePath closing cost incentive web page. HomePath property sale must close on or before the mutually agreed closing date, but not later than May 31, 2014. Only owner occupants (no second homes) purchasing a HomePath property may receive up to 3.5% in closing cost assistance. Buyer's agents should request and note the incentive in Section 38 of the Purchase Addendum during the online offer process. Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit. So if you're looking to buy a house but you don't have a ton of cash up front, ask your mortgage consultant about this option for buying a Fannie Mae-owned HomePath-eligible house to call home. Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. HomePath renovation mortgage financing is a conventional mortgage loan option available exclusively on Fannie Mae HomePath properties.
For more information on Michigan HomePath Renovation Mortgage financing from Riverbank, call us at 1-800-555-2098 or apply online today! The main benefits to HomePath Mortgages are the waived requirements for mortgage insurance (PMI) and the ability to finance in home repairs.
Loan benefits include financing home improvements, No mortgage insurance (no PMI), and a low down payment. Because Fannie Mae already owns the property, they allow home buyers to apply for HomePath mortgage financing and include required home repairs into the loan amount.
As of November 16, 2013, HomePath loans require at least a 5% down payment that can be funded by your own savings, a gift, a grant; or a loan from a non-profit organization, state or local government, or employer.

HomePath Renovation financing allows for renovation of a property up to 35% of the appraisal (as completed value) and no more than $35,000 in home repairs.
Home improvements may be financed into the loan to bring the home up to conventional standards.
After applying for a Michigan HomePath Renovation Loan, a loan officer will contact you to ensure that you are eligible for a HomePath Mortgage Financing. Submit your information now and a licensed residential loan officer will contact you within 24 hours. Riverbank Finance LLC is a Michigan mortgage company in Grand Rapids, MI specializing in mortgage home loans for both refinancing and new home purchase mortgages. If you fit the profile, typically buyers that either don’t want (or don’t have) a lot of cash to put down or small-scale investors looking for a deal on a foreclosed home, HomePath could be just right for you. There are many features that the HomePath loan has to offer, but there’s really just eight key points you need to know. Minimal credit score requirements – 660 (lower score requirements with larger down payments). The HomePath Renovation Mortgage allows renovation costs to be financed into the loan for up to $35k or 35% of purchase price. Although there’s no mortgage insurance, the HomePath loan comes with higher interest rates. Unless you’re putting 5% down, you’re going to pay additional points and possibly an even higher interest rate. When it comes to the renovation loan, FHA’s 203K loan may be a better option than the HomePath Renovation loan. Fannie Mae provides a great search site full of information, including HomePath approved homes. Have questions about Fannie Mae’s HomePath Program?  Want information about the home buying process?  Call, text or email me today – I have answers to your questions! You actually make it seem so easy along with your presentation but I to find this matter to be actually something which I think I might never understand.
About CraigWith over 16 years in mortgage banking, Craig Berry has helped thousands achieve their home ownership goals.
He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . Now the mortgage backer has introduced an incentive beyond the regulat benefits: They'll help with a portion of the closing costs if you and the home meet their requirements.
Just keep in mind that an offer must be made before the end of March, and close before the end of May.

The HomePath Renovation Mortgage allows a home buyer to buy a Fannie Mae owned home and finance in home repairs. There are not many options for home improvement loans in today's strict lending environment. Home improvements can include light to moderate home renovations that are included in the financing. Additionally HomePath Renovation Mortgages do not have PMI which makes the monthly mortgage payments substantially less than standard conventional loans. Light to moderate renovations allow the borrower to live in the property while the renovations are completed if they wish.
The repairs will be identified in the appraisal, including any cosmetic repairs identified by the borrower.
We would recommend getting a mortgage pre-approval so once you find a home you can act quickly and place an offer to purchase. Let us know how we can help your family with your next home purchase or mortgage refinance!
Our extensive list of mortgage programs allows us to offer some of the lowest mortgage rates in the industry. Providing the highest level of professionalism, Craig delivers a fast, hassle-free home loan experience while maximizing his client’s financial resources. Leaders at the mortgage backer decided it was a good idea to sell these homes to qualified buyers.
If a Fannie Mae owned mortgage is foreclosed, the property is marketed for sale as a HomePath Property.
This home improvement loan may be the answer to buy a fixer upper and turn it into your dream home. To get started simply complete the form below or call 1-800-555-2098 to speak with a loan officer today.
If everything looks good they will issue you a Mortgage Pre-Approval to buy a home with a HomePath Renovation Loan.
We hire only the best licensed loan officers to serve our clients and take pride in our superb customer service. The properties are then listed for sale by local real estate agents to prepare, maintain and market their HomePath eligible properties.

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