With a Homepath Renovation Loan, what happens if repairs are over $ 30,000? Also, what is the downpayment for a 4-unit property?

Asked by Dwighthayes, Denver, CO Fri Aug 27, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Jonathan Bla…, , East Atlanta, Atlanta, GA
Sat Feb 19, 2011
If repairs are over 30K then you need a different renovation loan. Since the HomePath renovation is not available to investors I'll assume you plan on being an owner occupant. If so, FHA 203K or Fannie Mae HomeSTYLE will work and do not have limitations on amount of renovation other than local loan amount limits.
Web Reference:  http://www.203KLoan.net
0 votes
Brooke Hengst, Agent, Littleton, CO
Fri Aug 27, 2010
Contact Glen Holguin at Guild Mortgage!! They do homepath as well and he is a very good resource for this Fannie Mae product.

Glen Holguin
Guild Mortgage Company
Senior Loan Officer
Direct Office Line: 720-746-4071
Cell: 303-253-4369
E-Fax: 303-552-5141
GlenH@GuildMortgage.net
http://www.MortgageHomeLoanStore.com
Web Reference:  http://www.brookehengst.com
0 votes
Scott Beville, Agent, Greenwood Village, CO
Fri Aug 27, 2010
Hi Dwight,

There are only three lenders in CO that do Homepath Renovation Loans. Give one of these banks a call and they will give you all the details:

- Colonial National Mortgage, a Division of Colonial Savings, F.A.
(888) 669-0784
http://www.cnmcs.com

- Flagstar Bank
(877) 374-3562
http://www.flagstar.com

- Platinum Home Mortgage Corp.
(800) 953-6337
http://www.platinumhomemortgage.com

Best of luck,
Scott Beville, GRI, ePRO, REO
Coldwell Banker Residential
303-905-6872
Web Reference:  http://www.scottbeville.com
0 votes
Ethan Besser, Agent, Englewood, CO
Fri Aug 27, 2010
HI Matt,

Search for Homepath Renovation Loan on Google and you will find all the info that you need.

Thanks,

Ethan Besser
Keller Williams DTC
303-856-8980
0 votes
John Keene, Agent, Denver, CO
Fri Aug 27, 2010
Dwight,

Give Matt Ackerman a call over at Universal Lending. He can advise you on renovation loans. He can be reached at mackerman@ulc.com or 303-759-7331.

Best of luck,

John Keene
Live Green Real Estate
303-547-7578
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more