Financing in Jacksonville>Question Details

hal2000g, Home Buyer in 32202

Purchasing a Home Path Reno property. Apparently already renovated and move-in condition. Can I renovation plan to 5000 sale > appraisal?

Asked by hal2000g, 32202 Sat Aug 17, 2013

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I would not think so. Happy that you are purchasing this property....if it is in move in condition and has been renovated....Home path would not allow an extra $5,000 .....how would it be used or justified. Check with your real estate agent...and lender if you have additional questions or if I have mis-understood the question.

Donna Delegal
"The Real Estate Lady"
Oceanside Real Estate
startpacking@comcast.net
(904) 732-PACK 732-7225
0 votes Thank Flag Link Wed Aug 21, 2013
Probably not. Typically a lender will not lend more than a property's actual appraised value (assuming I understand your question correctly). Minimum you'd have to put towards rehab would be $5k (same goes for FHA203k) so if you don't NEED it, don't bother. Feel free to message me.
0 votes Thank Flag Link Mon Aug 19, 2013
You can purchase a Fannie Mae Home Path property through me if you would like. I am Andrew Saltman at Bayway Mortgage Group 904.224.2337 ext 410. We will be able to waive the appraisal for you because we have lenders willing to do so for Fannie Mae Home Path. I would not recommend an FHA 203K loan for your renovations. I would recommend that you just do a straight up purchase and complete renovations using cash our credit cards. An FHA 203K loan adds a lot of additional fees that you will not be happy with.
0 votes Thank Flag Link Sat Aug 17, 2013
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