I would like information on the HomePath mortgage.

Asked by Lisa, Maryland Tue Jan 4, 2011

I've been told that this is conventional financing. It would actually be a HomePath Renovation mortgage with approx. $4-$5K in repairs. Do the repair costs get rolled into the loan? Also, can you roll some or all of your closing costs into these loans? Does anyone know what the approx. rates are for this type of financing at this time? Thanks for your assistance.

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7
Gene Drubets…, , Baltimore, MD
Wed Jan 5, 2011
visit my website @ http://www.genedru.com or call me at the office anytime. 410.526.1915

thank you,

Gene Drubetskoy
Wells Fargo Home Mortgage
Web Reference:  http://www.genedru.com
0 votes
Adrian Hunti…, Agent, SAN FRANCISCO, CA
Tue Jan 4, 2011
Here are some HomePath Renovation Lender Contacts.

Flagstar Bank 877.374.3562
Nationwide-Apply Online
Call M-F 8:30am – 9pm, S 9am – 5pm EST

Colonial National Mtg, 888.669.0784
Div of Colonial Savings, F.A.
Serves 45 US States, no lending in NY, NJ, DE, ND, SD
0 votes
Adrian Hunti…, Agent, SAN FRANCISCO, CA
Tue Jan 4, 2011
Dawn,

You can ask for up to 6% towards closing costs. The repair costs become part of the loan. You have the offer price, and the repaired Future Appraisal value. The loan will be based on the future value. Flagstar Bank does HomePath Renovation loans.
0 votes
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Tue Jan 4, 2011
Hi Dawn. The simplest answer to your first 2 questions is, Yes. However, you'll need to speak to a local lender/LO who offer HomePath for terms and conditions specific to your lender and area.
0 votes
Voices Member, , Red Wing, MN
Tue Jan 4, 2011
For a very very thorough answer to your question I recommend an answer that was posed to a similar question by another Trulia member, Andrew Martinez.
You can see it at the link below.
0 votes
Vladimir Kats, Agent, Baltimore, MD
Tue Jan 4, 2011
Hi Dawn,
The website provided by Laura is a great start. I would add that talking to a local loan officer is a must. Wells Fargo is one of the bigger HomePath lenders and I recommend you call one of my preferred lenders, Gene Drubetskoy at 410 322 0184, to get more details about it. He is with Wells Fargo and is a great resource for many of my clients.

If I can be of further assistance, do not hesitate to call or email. 443-660-8032.
0 votes
Laura Feghali, Agent, Stamford, CT
Tue Jan 4, 2011
Hello Dawn,
For more information on Homepath loans go to: http://www.homepath.com/
Also, your mortgage lender should be able to best answer your specific questions. Ask, as they will be happy to explain what this type of loan entails. I do know that it is a Fannie Mae loan that requires as little as 3% down.
I hope this helps.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
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