Chandler AZ – March 1, 2010 – Many homes on the market in 2010 are foreclosed homes which need minor renovations and remodelling. If you are looking for a good deal on a home, you may consider a Fannie Mae foreclosed home using a Fannie Mae Homepath Renovation Mortgage.
Homepath Renovation Mortgage Only For Fannie Mae Repossessed Homes
The Homepath Renovation Mortgage is similar to the FHA 203K mortgage, but it can only be used to renovate, remodel and upgrade Fannie Mae repossessed homes. The FHA 203K mortgage can be used to upgrade and renovate any home, even a Fannie Mae repossessed home.
You can only get a Homepath Renovation Mortgage if you are going to live in the home. This loan program is not available to investors. Although Fannie Mae does have a program for investors called the Homestyle Renovation Mortgage.
If you are looking to use the Homepath Renovation Mortgage to buy a home you will need to meet Fannie Mae Homepath Mortgage underwriting guidelines to qualify for your mortgage. In some cases, if you have had some credit issues and you have lower credit scores you may find yourself not qualifying for the Homepath Mortgage and your option may be to look at the FHA 203K home renovation loan instead.
Our suggestion is that you contact at least one mortgage company to discuss your options.