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Help! Who knows about Homepath Renovation Mortgages

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Real Estate Agent with KW Vaca Valley DRE #01412791

Homepath Renovation financing is new to me, and I would like some answers for my client.  My buyer wants to  offer on a property that qualifies for the Homepath Renovation Mortgage.  Do we offer what we think the property will be worth once the renovation is done, or what it is worth in it's current condition?  If we make an offer that is accepted, but find with the appraisal that the value is lower, will FNMAE adjust the accepted price accordingly?

I went to the Homepath.com web site, but they don't answer questions like this.

Any advice you can provide would be a big help!

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Daniel J. Hunter
REALTOR® - New Port Richey, FL

up top of the page is ActiveRains internal Google SEARCH

just enter Homepath Renovation Mortgage

into the search and you will have numerous blogs that may get your answer

I would also make this a MEMBERS ONLY post FWIW IMHO

Jun 27, 2010 10:31 AM
NoCo Home Team
C3 Real Estate Solutions - Fort Collins, CO
Sell Smart, Buy Wise & Live Well in Nrthn Colorado

I would reccommend talking to your local lender and seeing if they do them. Usually, they will be the best source of information. However, If it were me I would make an offer for what the property is worth now and not after renovation.

 

Hope that helps.

Jun 27, 2010 10:37 AM
James Malanowski
theJEMgroup.com (DRE #01373117) - Palmdale, CA
REO Broker, Palmdale, Lancaster, Rosamond, CA

You offer in it's as-is condition but the loan is figured on the purchase price plus renovations.  Best thing to do is to contact an approved Homepath lender and get the details from them.

http://www.fanniemae.com/homepath/financing/renovationlenders.html

 

Jun 27, 2010 10:38 AM
Vera Gleason
KW Vaca Valley - Vacaville, CA
Determined to Move You in Solano County

Thanks to all.  I was given a name and number of someone who has done several of these Homepathe Renovation mortgages and understands them.  I will give him a call tomorrow.  I was just hoping to get some information to think about before tomorrow.

Jun 27, 2010 04:33 PM
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