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Homepath Renovation Question

I'm thinking about getting a Homepath renovation loan; I found a condo that qualifies.  I also got a rough quote from a contractor to do the work that I want done.  My question is, once I close is the mortgage payment frozen until the renovation work is completed and I move in?  Or do payments start immediately after closing? I'm guessing its the former.  I'm currently renting so I need to know if I will have to consider the additional expense of paying a mortgage AND rent during the renovation period if I'm going to go this route.
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April 10 2011 - Chicago
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Answers (8)

Best Answer
If Homepath is similar to the FHA 203(k) loan you can roll up to 6 months of PITI into the loan amount to cover six future mortgage payments. The issue is, will the unit appraise out to allow 6 months of PITI to be included into loan amount.

Numerous people need to stay in their current home until the work is completed.

Chicago Bancorp and Metlife are two lenders who offer Homepath
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April 10 2011
Stephen,

Why is it realtors always say that clients need to vet lenders out by talking with their realtor?  Keep in mind you are posting this in a finance forum.  It's a two way street...

I would argue that a client could benefit just as much by discussing with a trusted lender what realtor they should work with....I know I have dealt with more than a few realtors over the past 20 years that I wouldn't trust to help me buy a pack of gum.... much less a home!
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June 16 2011
You can get a wealth of info through Fannie Mae/Homepath's web site. Also, you need to speak with a lender that SPECIALIZES in this type of loan. Someone that says they do them is not enough - you and/or your agent need to qualify the lender to be sure that they are experts in Homepath financing. Most likely, you will not be able to wrap any payments into the note - assume the worst case scenario and you will find the entire process much easier to stomach!

Stephen
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June 16 2011
HomePath is an AMAZING renovation product.  We offer botht he FHA 203k AND the FannieMae HomePath renovation loans in ALL 50 STATES, so I know the differences. 

They both have their application and strengths.  The HP reno loan does not carry ANY mortgage insurance, which is always nice... PLUS, you can use it on a second home AND an investment property.

The 203k in a wonderful product as well, but by and large, if you qualify for the FannieMae homepath renovation loan... it will probably be your best choice.

:)

b
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May 10 2011
How can the best answer be one that doesn't answer the question.

If my Aunt had B.... she would be my uncle!

Homepath is similar to a 203K loan however it does not allow you to finance in 6 months of payments.
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April 11 2011
Speak to a qualified lender who has experienced doing these loans. If you need one, I can give you a name and number.
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April 10 2011
I think you should speak with the lender who is willing to do the loan. The person who told you the condo qualifies is the person to speak with.
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April 10 2011
HomePath Renovation
Hello Vince....HomePath has a great website and toll free number that can answer all of your questions.  I hope this helps.

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April 10 2011
 
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