investor: Fannie Mae Increases Allowable Renovation Budget on the HomePath Renovation Loan
- 01/25/11 07:03 AM
Fannie Mae Increases Allowable Renovation Budget on the HomePath Renovation Loan Fannie Mae has improved the HomePath Renovation loan program by increasing the renovation budget to the lesser of 35% of the "as completed" appraised value or $35,000. Previously Fannie Mae limited the HomePath Renovation loan program to the lesser of 20% of the "as completed" appraised value or $30,000. The HomePath Renovation budget includes not only the contractor invoice cost of the repairs, but also the contingency reserve and other soft costs such as permits. The contingency reserve is only required when putting down 5% or less. This increase is … (0 comments)
Fannie Mae Increases Allowable Renovation Budget on the HomePath Renovation Loan
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