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James_4033, Home Buyer in 32955

I am considering a Homepath reno and would like to know if there are contractors in the area that know about this program I get blank stares when I me

Asked by James_4033, 32955 Wed May 2, 2012

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Your first step is to contact Regions Bank. They are one of the few lenders that will do the HomePath Renovation. Regions may have a contractor list. One of my clients recently did a Renov and they found their own licensed general contractor who did the work.

Alternatively you may be able to do a FHA 203K mortgage and normally most lenders will require you to work with HomeDepot or Lowes as the general contractor. It's odd but Lowes and HomeDepot do NOT do the HomePath Renovation... seems foolish to me.

With the HomePath Renovation you must occupy as your primary residence just like the FHA 203K. The 203K Streamline is for up to $35k of upgrades,repairs and you can't have any structural repairs. You will need at least 45 days to close a 203K or HomePath Reno, too.

Contractors may not want to do the HomePath Reno because there may be delays in getting paid.

Good luck and I hope this helps.

All the best,
Alma Kee

PS My client ended up with a model perfect home after the reno and has "instant" equity, too. Worth the effort!
0 votes Thank Flag Link Wed May 2, 2012
Your first step should be to find a buyer brioker who is WELL experienced with it and can guide you through the process. Good agents will have contacts with contractors who are expereinced in the process.
Web Reference:
0 votes Thank Flag Link Wed May 2, 2012
I believe any general contractor is able to do Home Path Reno. They just have to agree to the bank's draw schedule and of course be licensed, insured and bonded. The Lender that is approved for Home Path Reno will be able to provide your contractor that information.
0 votes Thank Flag Link Wed May 2, 2012
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