Has anyone done Homepath WITH NSP?

Asked by Andrew Scherber, Roseville, MN Thu May 5, 2011

Has anyone done a Homepath loan along with the NSP program? Is it possible?

Wells Fargo says they cannot because Homepath does not allow an appraisal, but GMHC will do an appraisal on the property. Has anyone done this? Please help!

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, ,
Sat May 14, 2011
Be a bit leery of lenders referred or advertising they are able to do FannieMae HomePath Renovation Loans...

There is a SPECIFIC LIST of lenders : http://www.homepath.com/financing/renovationlenders.html

Anyone who is not on this list is merely brokering it, which means added overlays, process time and FEES!

We do this loan in ALL 50 States!

The NSP appraisal is NOT an issue.

Web Reference:  http://www.203kworld.com
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Gregorio Den…, , San Diego, CA
Thu May 5, 2011
Who is paying for the appraisal? In order to qualify for HomePath the appraisal cannot be part of the transaction, meaning it has to be ordered by the borrower and paid for by the borrower outside of closing. It can't be anywhere on the HUD.
Web Reference:  http://WeFixRates.Com
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, ,
Thu May 5, 2011
I'm confused. If an appraisal is needed for the purpose of involving the NSP program, that's fine. Why would Wells Fargo care? It could be ordered for the NSP program and left out of the loan file. Just because an appraisal isn't required for the loan program doesn't mean it's forbidden from the loan process if it's needed for another element. That all sounds strange to me. You might want to call Ken Graczak from iLoan. He's quite experienced with Fannie Mae HomePath and Fannie Mae HomePath Renovation loans. I'll attach his contact information in the web reference below.
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