Home Path Renovation Mortgage

Susan20148July 31, 2012

I did a search and didn't find anything, so forgive me if I missed an existing topic here on the forum, but I'm wondering if anyone has any experience with a Home Path Renovation Mortgage.

My husband and I are considering buying a property which would be a vacation home for us, and it is currently bank owned and eligible for a Home Path Renovation Mortgage. I have been to HomePath.com and read everything I possibly can about how this works, but I'm hoping to find someone who has actually been through it and purchased a home this way?

Please let me know if you have done this, and how the process went for you. Thanks!

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c9pilot

Is this an FHA 203(K) loan?
If it is, be sure you look at the residency requirement.
And shop around for a couple of lenders - not everyone does them, but it is expanding rapidly.

    Bookmark   August 2, 2012 at 8:55AM
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Sophie Wheeler

They are designed for primary residences, not vacation homes. Unless you changed your residence to the new one, you would not qualify.

    Bookmark   August 2, 2012 at 10:51AM
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Susan20148

This is not a 203(k) which I realize is for primary residences only. This is a Fannie Mae Home Path, which they specifically state they allow investors and vacation home buyers to use as well. www.homepath.com

I guess they're not very common.

    Bookmark   August 2, 2012 at 11:31AM
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writersblock

I don't know about your area, but where I live (FL), if you want a homepath property you need to come up with the cash. Those tempting listings where a house qualifies for both a regular homepath mortgage and a homepath renovation mortgage are purely lies in real life. If you want financing, they'll sell to an investor who hugely underbids you but offers cash, especially if they want to bundle multiple properties. Perhaps if someone is able to get all the qualifications done and makes an offer during the First Look time as a primary residence buyer it might work, but after that period, you can forget it if any financing is involved. It may be different elsewhere--I don't know.

It might work if you make a cash offer and apply for the mortgage separately, but contingency isn't going to happen, at least not around here.

    Bookmark   August 2, 2012 at 12:26PM
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kkllb

We purchased a Homepath property as a vacation home last November. The process was not much different than any other real estate purchase. We looked at the Renovation Mortgage, but did not need it. If I recall, there were specific banks listed that you had to work with.

I might be one of the few people who can say this, but
"I If you want to PM me with questions, please feel free!

    Bookmark   August 2, 2012 at 1:15PM
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