Renovation Loan – simplifying the process

Fannie Mae Ready Buyer and Homepath incentives

We are making waves from Amelia Island in Fernandina Beach Florida today talking to you today about Homepath. Fannie mae has all of their foreclosure homes for sale online at www.homepath.com . The no longer has the Homepath Financing but do have a new buyer incentive program for first time homebuyers to encourage them to buy their homes. They have a online class that once you complete it can enter an offer in conjunction with their completion certificate and negotiate for Fannie mae to pay up to 3% of the purchase price toward buyers closing costs and prepaid expenses. Now a lot of these homes are foreclosures so they may be in need of updating or repair.

You can buy these HomePath properties in tandem with the renovation products we talk about with FHA 203k, Va Renovation and another Fannie Mae product called Homestyle. You can do almost any renovation ranging from AC repairs, wood rot, kitchen or bath remodels and many other upgrades.  These renovation programs allow you to include all the purchase price the costs of any repairs or upgrades outlines by a licensed general contractor. There are rare circumstances in which a borrower would be eligible for “self-help” but can give you more guidance on this if you need it.

With the value of the internet, there is also still a lot of misinformation on renovation lending out there so if you need help understanding you options please give us a call. There are several benefits to using a State Licensed General Contractor including a State fund which is for you and the lenders protection. There is also to be no preference given to one particular contractor or a
contractor list “as HUD describes this as a steering practice.

We hope you can use this information to help you on your next Homepath purchase

Click here for more information on Fannie Mae HomePath incentives 

Click here for more information from Fannie Mae on these incentives

Click here to go to the training needed or the Ready buyer program

*HomePath® and Ready Buyer® are registered trademarks of Fannie Mae.