HomePath and HomePath Renovation Loan Logos - What Do They Mean
Fannie Mae offers on homes that they own the HomePath and HomePath Renovation Loan programs. Understanding when a house is eligible for just the HomePath Loan, HomePath Renovation Loan, either the HomePath or HomePath Renovation Loan, or not HomePath Financing Eligible is based on the logo found next to the property listing on the HomePath site.
It is very important to understand the difference between these loan programs when making an offer on a Fannie Mae REO, especially if the house only qualifies for a HomePath Renovation Loan. If the pre-approval or lender commitment letter doesn't indicate that the financing is for a HomePath Renovation Loan there is a high probability that the offer will not be accepted by Fannie Mae's Asset Manager. Also the pre-approval or lender commitment letter should come from a lender listed on the Fannie Mae website as an approved HomePath Renovation Lender.
The HomePath logo types that will be listed next to a Fannie Mae REO are as follows:
This property is not eligible for HomePath Financing but is eligible for HomePath Renovation Financing
This propertyy is eligible for both HomePath Financing and HomePath Renovation Financing, based on the home buyers discretion. If the home buyer has the skill set and funds to make the repairs and renovations to the house on their own, the home owner may opt to renovate the house outside of the renovation process in order to minimize added expenses of having to pay to a required third party to manage a renovation escrow account and use a mandated third party contractor
This property is eligible for HomePath Financing but is is not eligible for HomePath Renovation Financing
If no logo is present then the house isn't eligible using any HomePath Financing options.
To learn more about your financing options through the HomePath and HomePath Renovation Loan Programs or if you want to qualify for a HomePath Renovation Loan you can contact HomePath-Renovation.com at (866) 351-3229. To get started on your loan application right now complete a secure encrypted online application in order to receive your loan pre-approval within the next four business hours.