HomePath Renovation Mortgage allows 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.
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