So, you found your way to the FannieMae foreclosure
website ( www.homepath.com) and also found the litany of properties in your area. You go through the properties, just like any home shopper would, checking the bedrooms, baths, what the kitchen looks like and how about that back yard! THIS seems like the ONE...
Then you see this:
What is HomePath Renovation Mortgage? You click on the HomePath Financing and find that almost EVERY lender can write a HomePath mortgage, but only a very select FEW can do the HomePath Renovation Mortgage. Some states have only 2 Lenders FOR THE ENTIRE STATE! (Delaware, New Jersey, South Dakota, & New York). By and large, most states have 3 lenders approved to do this loan. WOW... I am sure they are busy!
Well here is the skinny: YOU CAN'T GET ANYONE TO RETURN YOUR CALLS! Each of these lenders are based in their respective states and are indeed quite busy. I have heard from countless clients who were relegated to finding a DIFFERENT HOUSE after leaving six messages and not getting a return call.
IF YOU ARE BUYING A HOME ELIGIBLE FOR THIS PROGRAM... YOU WANT THIS LOAN! This home will NOT pass an appraisal because of it's condition. It needs things fixed or repaired and this loan allows you money to purchase this home, plus money to fix it up ALL IN ONE LOAN. You only need 5% as downpayment as well! And the AMAZING THING.... NO MORTGAGE INSURANCE!
I have a team of Renovation Finance specialists ready to assist you with your FannieMae HomePath Renovation Loan. We will help you determine your Scope of Work, Vet qualified contractors, and make your way to closing smoothly. We underwrite these loans not only IN-HOUSE, but IN MY OFFICE, so we can close them in a matter of days.
Don't miss out on this special program that is available to you and probably won't be around for too much longer. Give us a call at the numbers listed below or visit us on the web at www.homepathrenovationloan.com
WE ARE THE ONLY LENDER LICENSED TO DO THIS LOAN IN ALL 50 STATES!
Perfect loan for that "not so perfect" house. ;)
Go out, buy houses, make equity, enjoy life...
La Vida es Corta!