Financing in Little Rock>Question Details

Infoseeker, Home Buyer in Plaquemine, LA

What is best way to buy fanniemae repo mountain vacation home needing redo with minimum down. *))PLUS credit all scores.

Asked by Infoseeker, Plaquemine, LA Mon Aug 30, 2010

We have found a small vacation home in a resort area which is a fanniemae repo but all the copper is gone and the CH/A and carpet etc. We have A credit and excellent incomes so we would want to redo with cash over a period of a few months and legitimately use the hosue as a second home.. What is the best way to finance with minimal down. We would be willing to use a remote mortage agent who has a program for a no drama deal. We can pay cash if push comes to shove but do not want to exhaust our nest egg given the times LOL.

Help the community by answering this question:


Hope Path offers 97% LTV loans, however the rates for having such a high ltv are horrible.
Your best option would be FHA or USDA with 3.5% or 0% down if the area qualifies.

Elena Ollick
Amerivest Realty
Faith Home Loans
skype: napleshomes
0 votes Thank Flag Link Tue Aug 31, 2010
Chris was right on the mark. Fannie Mae HomePath financing has a renovation program. Get with your agent or the Listing Agent on the property and they should be your best guide to a reasonable solution.
0 votes Thank Flag Link Tue Aug 31, 2010
Hi Infoseeker,

Fannie Mae has special financing for their properties thorough their homepath program. Visit

Good Luck!
Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Mon Aug 30, 2010
You qould to check with your lender, there are loans out the specifically for this reason. Email me and I can put you in contact with a lender who works with buyers who want to take on this type of project. I would love to help!
0 votes Thank Flag Link Mon Aug 30, 2010
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