So... FannieMae has a select group of Lenders that are authorized to do the HomePath Loan. It is very easy to see who these lenders are by going to:
http://www.homepath.com/financing/index.html
There are VERY FEW lenders directly authorized to do the FannieMae HomePath RENOVATION LOAN... FannieMae is quite selective who they will allow for this product. This is easy to search as well:
http://www.homepath.com/financing/renovationlenders.html
Herein lies the quandry: There are many experienced Renovation "Expert" loan officers around the country that can help you with your renovation loan. If, however, these Loan Officers/Companies are advertising that they have the FannieMae HomePath Renovation Loan and are not on the FannieMae List of companies AUTHORIZED TO DO THE RENOVATION LOAN... I would be very weary of the information you get.
In fact, FannieMae has an email address to report such fradulent claims as there have been an increased number of cases of "Bait and Switch", where lenders advertise this product, and then when you contact this lender, for whatever reason are "Steered" to a different loan, FHA 203k perhaps.
If you see such misrepresentation, please help us in policing up our ranks and email FannieMae with the information at: fraud_tips@fanniemae.com
Your information will be kept confidential.
Thank you for helping keep integrity in our industry.
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA
Brent, thanks for posting. I was unaware this was going on. I've seen lenders advertise the 203K and then when asked about it, they say it's not available, or offer the customer something else.
May 17, 2011 02:51 AM
Senior Vice President, Secured Funding Corporation - Rockville, MD
I do mortgages REALLY well and I WON'T RIP YOU OFF
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.
Hello Brent, I'm glad you stopped at my blog so that I would know about you. I've heard bits and pieces about 203k loans. I'll take some time to review your other articles. Are you licensed in North Carolina?
May 18, 2011 01:20 AM
Retired - Gaithersburg, MD
Thanks for sharing your financing tips. Many Maryland home buyers are using renovation financing as they purchase lender owned foreclosures and short sales that have deferred maintenance and repair issues. The favorite program for most it FHA 203(k).
Blooming for you!
May 18, 2011 01:22 AM
Senior Vice President, Secured Funding Corporation - Rockville, MD
I do mortgages REALLY well and I WON'T RIP YOU OFF
Thanks Mona. Yes indeed. I am with PrimeLending, a bank based out of Dallas, so I can actually lend in all 50 states. :) I specialize in renovaiton financing, but can do any type of loan really... (I liken it to a specialist doctor dianosing a cold... pretty easy ;)
Thank you for stopping in and saying hi. I would be delighted to help in any way.
Brent
May 18, 2011 01:30 AM
Senior Vice President, Secured Funding Corporation - Rockville, MD
I do mortgages REALLY well and I WON'T RIP YOU OFF
Thanks Roy! I agree. I do a great deal of the 203ks. In fact, check out my 203k site for more info if you ever need it!
b
May 18, 2011 01:31 AM
Anonymous
I had a bad experiance with fannie mae. our contract did not go through because fannie may did not want me to have a grace period on my earnest money, wich was $3000. and then they put in a clause that even if the house (2005 carithers dr marietta,ga) did not apraise for the selling price I would still have to pay the dif. or loose my earnest money. ofcourse I did not sign and the put thw house back on the market. I checked around and found that the house was only worth 170000,and our goverment bailed out program is basically taking advantage of honest americans, had i signed that contract more then likely i would have been faced with coming up with $29,000(because the bank only gives what the house apraises for) or loose my earnest money. fannie mae is this fair?
Jun 07, 2011 03:51 PM
#7
Anonymous
I had a bad experiance with fannie mae. our contract did not go through because fannie may did not want me to have a grace period on my earnest money, wich was $3000. and then they put in a clause that even if the house (2005 carithers dr marietta,ga) did not apraise for the selling price I would still have to pay the dif. or loose my earnest money. ofcourse I did not sign and the put thw house back on the market. I checked around and found that the house was only worth 170000,and our goverment bailed out program is basically taking advantage of honest americans, had i signed that contract more then likely i would have been faced with coming up with $29,000(because the bank only gives what the house apraises for) or loose my earnest money. fannie mae is this fair?
Jun 07, 2011 03:51 PM
#8
Anonymous
I thin Homepath is a fraud in itself. They say put in your offer in the first 4 days and you will have first chance before it goes to investors. I got a pre-approval for a mortgage, sent an offer and after running me in circles with multiple offer letters and having me bump up my offer, they accepted a cash offer for less than my offer. Initially, I was told I lost becasue they got an offer for almost twice mine. Later I found out it was actually an offer for less than mine. If it says homepath on the real estate offering, I wont give it a second look. Not wasting my time on that again.
Apr 30, 2012 09:02 AM
#9
Rainer
69,627
69,627
Brent Kluge
I do mortgages REALLY well and I WON'T RIP YOU OFF
Real Estate Resources
Recent Posts
ActiveRain Community
about 12 years ago
Brent Kluge's 203K & HomePath Renovation Blog
Expert information for you for all your renovation needs focused on FHA 203k and FannieMae HomePath Renovation, HomeStyle and USDA reno.
From planning, to process, to loans, to finding a match with a contractor, Brent Kluge and his team will guide you through the entire process and avoiding the pitfalls along the way.
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