Homepath Renovation Mortgage Requirement
Homepath is a brand name for the real estate owned or REO. The division of mortgage lenders is Fannie Mae. Home path under Fannie Mae offers some special mortgage programs that may help you with the renovation and decorating of your home. If you need finance to renovate, you may be able to borrow from the mortgage program.
The Homepath Renovation Mortgage Requirement
Homepath renovation mortgage programs are only applicable to homes currently owned designated REO by Fannie Mae. Fannie Mae offers the home path renovation mortgage as an available loan product.
Loan products can provide financing for renovations.
Fannie Mae is a government-sponsored entity that buys residential mortgages from other lenders and holds them on a secondary market. If you qualify for a home path renovation mortgage package for a Fannie Mae property you may apply online or call 866- 351- 3229.
The benefit of Fannie Mae’s home path renovation programs includes a down payment that can be as low as 3 percent on borrowed funds. No mortgage insurance or No appraisal of the property is required. And a choice of fixed-rate or adjustable-rate loans is available.
When you want to apply for Fannie Mae’s homepath renovation program, there are several requirements that have to be adhered to first. Here are the requirements of a homepath renovation mortgage.
Financing requirements
The borrower’s credit score is the percentage of financing that the home path renovation mortgage will cover. Homepath renovation mortgage does have a maximum mortgage amount of $417,000.
The loan program will cover up to 75 percent of the loan value if the borrower has a credit score of 700 and above.
As well the loan program will cover up to 80 percent of the borrower’s credits score of 820 or higher.
The loan program will cover up to 97 percent of the loan value if the borrower has a credit score of 860 or higher.
Eligibility requirement
To apply for a home path renovation mortgage the borrower is required to be a U.S citizen or a permanent resident. Home path renovation mortgages can be received for second homes, investment properties, and primary residences, however, the properties have to qualify.
The type of properties that are eligible includes manufactured homes, attached townhomes, and condominium and single-family detached homes.
Lenders
The lender for home path renovation mortgage varies from state to state. They include:
- Umpqua bank – residential mortgage lending, prime lending,
- A plains capital co
- Colonial national mortgage, a division of colonial savings FA,
- First federal savings and loan of Charleston –
- First bank and trust company inc
- Platinum home mortgage crop, and Flagstar bank.
There are among other lenders of home path renovation mortgage. The borrower is able to receive an adjustable-rate mortgage that has a fluctuating interest rate.
You as the borrower may obtain a fixed-rate mortgage. Which has the same interest rate that was available from 10 to 30 years.
