HomePath® Renovation Mortgage is a home improvement loan which allows a borrower to purchase a property that requires light to moderate renovation on Fannie Mae-owned properties. The one loan amount includes both the funds for the purchase and renovation - up to 35% of the as completed value, no more than $35,000.
Benefits to the borrower include:
- Low down payment and flexible mortgage terms.
- Renovation amount based on appraisal “as completed” value ( up to 35% of the as completed value, no more than $35,000).
- No mortgage insurance (ask us for cost details on loans without mortgage insurance).
- Available for primary residences, second homes, and investment properties.
Watch the video below to learn more about HomePath and HomePath Renovation.