Zillow Advice: Home Buying - What is Homepath Renovation Mortgage financing?

I am currently going through ...

Sun, 20 Sep 2009 09:33:00 GMT

I am currently going through the program, and it is a huge pain, but I am hoping it will all be worth it. I am to far in. I paid for an inspection on the house, and had a contractor there at the same time giving me estimates thinking it would save some time. The loan has taken 50 days so far. Every step in this loan goes through 2-4 people and just takes a long long time. I would suggest getting pre approve not pre qualified. Through out this process I have considered that it may have been smarter to get a conventional loan and put the repairs on credit card, then refinance after the repairs were done.

The HomePath program and ...

Thu, 20 Aug 2009 21:08:00 GMT

The HomePath program and HomePath renovation program are both very good programs for the right consumer and the right situation. gregvannice, I am sorry to hear about your bad experience. I have heard similiar stories time and time again. Unforetunately, there are too many people in this industry that do not take the time to fully explain how a particular loan program works and what to expect. They simple sell, sell, sell, without taking the customer's best interest into mind.

If you have questions about the program, I would be more than happy to assist you as best as I can. Please do not blame the program. Your loan officer or broker should have better prepared you for what to expect.

www.floridahomepath.com is where I can be found, if you would like a one-on-one consultation.

It is a horrible program!!!! There ...

Tue, 11 Aug 2009 19:55:00 GMT

It is a horrible program!!!! There are only 2 banks the country that can do this loan. They raise your interest rate and the closing costs. They will not send an appraisor to tell you what needs fixed until you have truned the water on and had a contractor come out and estimate what needs fixed(but you dont know what needs fixed until the appraisor goes out there). We had to fix the water pipes $800, pay past water bill $400, get survey $500 so on and so on at this time we have paid $5000 in all of the back bills and fines and another $2000 in escrow. We finally got he appraisor ordered today, so in another week we will find out what all we need fixed. Our contractor came in at $65,000 for the repairs we found, they will only cover up $30,000 with this program. If everything needs fixed that we found we will have to put down $60,000 total cash down by closing time.

We feel trapped and misinformed about this entire program.

RUNAWAY FROM THIS PROGRAM!!!!!

The HomePath Renovation Mortgage ...

Sat, 27 Jun 2009 02:48:00 GMT

The HomePath Renovation Mortgage is financing that's available on designated Fannie Mae REO properties. The financing allows you to take out additional funds when you purchase the property to do "light" renovations -- you can do pretty much anything as long as it adds value to the property.

To find eligible properties, go to www.homepath.com -- there's info on the financing and lenders there as well.