HomePath Renovation Mortgageallows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation - up to 35% of the as completed value, no more than $35,000.
Benefits to You, the Borrower
Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
Renovation amount based on appraisal “as completed” value.
No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
Expanded seller contributions for closing costs allowed.
Available for primary residences, second homes, and investment properties.
Many condo project requirements are waived; ask your lender for details.
