Home Buying in 32714>Question Details

~jen, Home Buyer in 32714

What makes a property a Homepath Renovation as opposed to just Homepath?

Asked by ~jen, 32714 Mon Dec 13, 2010

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4
Jen The others agents are all correct....a Homepath Renovation is just that ...a home that needs renovation in order to be habitable. Jennifers suggestion is a good one ,you should visit the website to get more exact information.
Kat Hopkins
0 votes Thank Flag Link Mon Dec 13, 2010
Hi Jen,

Primarily its ability or in ability to pass certain inspection criteria. In general, Homepath follows FHA inspection criteria so things like lack of flooring, old roofs, exposed wiring etc. would warrant a renovation loan. a similar loan product is the FHA 203k.

For more information you can visit http://www.homepath.com. I have worked with many Homepath homes and would be happy help you in any way.

Sincerely,

Jennifer De Vivo
Realtor
The De Vivo Team
Web Reference: http://www.devivorealty.com
0 votes Thank Flag Link Mon Dec 13, 2010
Jen when the listing agent posts qualifies for Homepath Renovation Loan the property is not normally habitable. With the Homepath Renovation Loan you can purchase the property and have the work done by an approved contractor after you close on the property but before you move in to it.
0 votes Thank Flag Link Mon Dec 13, 2010
Jen:
As per the name, the listing agent has determined that significant work will be required to bring the property to normal living conditions and therefore homepath will approve a renovation home in that property. They will provide more money on the loan than the purchase price, so that you can renovate before moving in. There might be restrictions as to how many years you must live in it before you can resale.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Mon Dec 13, 2010
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