What if you have a Homepath renovation house that needs to be torn down? Can you still get the homepath financing?

Asked by Suncatcher1, Austin, Mesquite, TX Fri Aug 6, 2010

We are interested in a house that needs way beyond $30,000 in repairs to make it livable, but we love the lot and the neighborhood. Is there a way to make an offer showing that it should be torn down and still use homepath financing to get it? Thanks.

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Daniel Del R…, Agent, Modesto, CA
Sat Aug 7, 2010
Homepath will not consider this. Realistictly if you have to do 30-45k in work it might not be option as they only allow light renovations. Your Homepath lender would have to package up your file along with contractor bids of the desired work to Homepath anto see if it would be considered . Have you considered FHA203k?

HomePath® Renovation Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

Available only on homes you make your primary residence and offers these benefits:

•Financing to fund both your purchase and light renovation
•Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
•Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
•No mortgage insurance*
•HomePath Renovation Mortgage financing is available from several lenders.

Best of luck

Daniel Del Real,CRS
1 vote
Dallas Texas, Agent, Dallas, TN
Fri Aug 6, 2010
I believe that would a different type of loan I don't believe that Homepath offers these types of loans.

Best review all these questions with your buyers agent.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
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