05.12.2013

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Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending.
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By the way, if you are buying a Fannie Mae HomePath mortgage anywhere in Washington State, I am happy to help you! Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area.
Rhonda has been helping people with their mortgage needs at Mortgage Master since April 2000. Maximum seller contributions of 6% of the purchase price when the down payment is less than 10%.
When the buyer owns more than 4 financed properties and is buying a 2-4 unit home, the maximum Loan-to-Value is increased to 75%. Many HomePath properties are still available at 5% down, although private mortgage insurance (PMI) will be required. To find out about HomePath Renovation program alternatives, complete this short online questionnaire and an expert will contact you to find the best program for your needs. Home renovation loans can be tough to find when you’re trying to buy and fix up a property with one loan. Often, foreclosed homes are in bad shape and there are not a lot of financing options for them. Like the regular HomePath program (see our page about standard HomePath loans), these loans require only a small 5% down payment (increased from 3% as of November 16, 2013), and don’t require monthly mortgage insurance. The borrower can finance as much as 35 percent of the “as completed” value, but no more than $35,000.
For example, you could buy a home for $100,000 and request renovations such as a new deck and two renovated baths, totaling $20,000, per a contractor’s bid. In this example, you could finance the full requested $20,000 above the purchase price, since it’s lower than 35 percent of $150,000. But, if you purchased a house whose “as completed” value was to be $85,000, the maximum construction cost you could finance would be $28,000 (35% of $85,000). Surprisingly, the HomePath Renovation loan is available for owner-occupied use, rental properties, and second homes.
If you plan to live in the home, the down payment can be as little as 5% of the purchase price plus improvement costs.
Once a property is found, the buyer submits requested repairs to the lender, via one or multiple contractor’s bids. The lender uses the appraisal to make sure the loan amount and construction costs are within guidelines. The lender closes the loan and establishes an escrow account, from which the contractor will be paid. If the final inspection is signed off by the lender, it issues any payment due to the contractor.
The contractor can be of the buyer’s choosing, but must be “licensed, insured, bonded, experienced, and reputable,” according to Fannie Mae. How long does the contractor have to complete the repairs?  All renovation work must be completed within 90 days of the closing date.


Tim Lucas is a licensed loan officer with over 12 years of experience as a loan originator, processor, and team manager. Please contact our support if you are suspicious of any fraudulent activities or have any questions.
Fannie Mae’s HomePath program helps buyers of foreclosed properties get cost-effective mortgages, including cash for repairs and remodeling on homes owned by Fannie Mae.
Also to end is Fannie’s HomePath Renovation Mortgage, which allows buyers to borrow extra cash – up to 35% of the purchase price, with a maximum of $35,000 – for light to moderate repairs and updates to a foreclosed property.
But don’t be forlorn, as Fannie’s making up for these program withdrawals with a number of financing flexibilities. Quicken Loans offers a wide array of excellent mortgage products designed to fit your needs. For more information on this program or to find eligible properties feel free to contact me. Posted in Educate Yourself, For Buyers and tagged fannie mae closing costs, fannie mae homepath, fannie mae homes, homepath homes, reno nv home buyer, reno sparks nv buyers agent, ricky beach real estate agent, sparks nv home buyer, sparks nv real estate agent. He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . If the closing cost are less than 3.5% of the sales price, then a buyer will not receive the full credit.
Everytime we have found something, it has been under contract or not even worthy of a second glance. Rhonda began her career in 1986 in the title and escrow industry and joined Mortgage Master Service Corporation as a Loan Officer in 2000 and began blogging in 2006. Buyers must have had a completed home purchase contract dated on or before this date to use the HomePath Renovation program. Fannie Mae has decided that its portfolio of foreclosed homes (aka REO properties) is shrinking and special incentives are no longer needed.
But with Fannie Mae’s HomePath® Renovation mortgage, you can do just that, with a small down payment and no mortgage insurance. The repairs that the appraiser calls out must be done, but the borrower can make additional repairs to their liking, up to the maximum allowed amount.
Then, the appraiser determines that the home will be worth $150,000 after the improvements are made. For instance, if the purchase price is $200,000, and the construction will cost $25,000, the required down payment would be $11,250 (5% of $225,000). The borrower pre-qualifies with full income, asset, and credit documentation given to the lender.
The appraiser figures the future “as completed” value of the home, factoring in requested modifications on the contractor’s bid. Fixing something purely for cosmetic reasons is allowed, as long as it fits within the maximum construction cost limits. Since homes need to have a sound foundation to be eligible for the HomePath Renovation program, homes with foundation issues will not be on the list of eligible homes. Both fixed rate as well as adjustable rate loans are available for the HomePath Renovation loan. The minimum credit score for this program is 660 for loans with a down payment of 20 percent or less and 620 for borrowers with more than 20 percent down. A list of lenders qualified to approve and issue renovation loans is located on the website.


Yes, however, the tenants must agree to move out within 60 days, as the borrower is required to move in within that time frame. There are certain exceptions that can be made but each 30 day extension beyond the initial 90 day period may require an extension fee. We do not directly offer mortgages, accept applications or approve loans but we work with partners who do. If you would like to find out more information about your benefits, please visit the Official US Government website for the Department of Veteran Affairs or the US Department of Housing and Urban Development. First, the good news: The market is ticking up and the inventory of foreclosed homes is dwindling.
The HomePath program currently offers a number of incentives for home buyers: You can put down as little as 5%, there’s no mortgage insurance requirement, and you don’t have to get an appraisal. Fannie Mae will allow interested-party contributions (contributions from the seller, the lender or anyone who stands to benefit from the sale) of up to 6% of the selling price, up from 3%. We’ve seen Fannie do this before with up to partial closing costs paid for or bonuses to buyers agents but their new program will really help out home buyers with limited funds.
For FHA home buyers, you will need to take into account 45 days for the escrow period and anywhere from 7-10 days to get your offer and all addendum’s back with seller signatures. Fannie Mae offers special financing on these homes with reduced down payment, no mortgage insurance and no appraisal required. Make sure you talk with your loan officer about buying down the interest rate if you are not using the full the 3.5% credit.
We finally found something that we really love, it’s a Fannie Mae REO, and is available for the Homepath Home Renovation Mortgage Plan.
However, the down payment will be lower, and there will be no mortgage insurance using the HomePath Renovation loan. In fact, Fannie Mae waives its condo project review requirement for all condos on its HomePath list.
If the tenant has a non-expired lease, it must be honored according to federal law, so having the tenants move out may not be an option.
We are not affiliated with the US Government, US Armed Forces or Department of Veteran Affairs. And, it also now allows properties with Fannie Mae-imposed resale restrictions – restrictions which require a length of time before reselling the property – to qualify for Fannie Mae-backed mortgages. The current program offers home buyers a concession up to 3.5% for closing costs on Fannie Mae owned properties.
If you want to pursue one of these properties make sure you lender knows time is of the essence. It enables borrowers to buy the home, and it gets the home off of Fannie Mae’s books of foreclosed homes. US Government agencies have not reviewed this information and this site is not connected with any government agency. This should take care of most if not all the closing costs that buyers will see and hopefully leave a little extra in your wallet. The whole home-buying process has been a nightmare for us-from the homes themselves to the lenders who offer nightmare-ish terms and conditions on their loans!



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