Are any lenders doing Homepath Renovation financing these days?

Asked by Cecelia Marlow, Chicago, IL Thu Sep 8, 2011

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14
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Fri Jun 8, 2012
PrimeLending does them extremely well. I recently interviewed at most of the major reno lenders in our area and I found the process, product offering and pricing to be the best here which is why I ended up here.

P.S. Not that it's relevant to a Chicago post but apparently someone thought it was relevant, we too can do these in all 50 states.
Web Reference:  http://RobWeber.com
1 vote
Suzanne Hami…, Agent, Orland Park, IL
Thu Sep 8, 2011
Prospect Mortgage does them.
1 vote
Matt Laricy, Agent, Chicago, IL
Thu Sep 8, 2011
Ya call Tony Lupescu 708-351-6416
Web Reference:  http://AmericorpRe.com
1 vote
Fifth Third doesn't offer this product.
Flag Mon Jun 18, 2012
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Thu Sep 8, 2011
Indeed - these loans are still very common. I am happy to help should you have any questions
Sam Sharp
Senior Vice President of Mortgage Lending
Guaranteed Rate
773-290-0455
sam.sharp@guaranteedrate.com
1 vote
Clifford Ro…, Agent, Holyoke, MA
Mon Jun 18, 2012
0 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Mon Jun 18, 2012
The High cost test for loans doesn't prohibit loans being small, it just prohibits fees to exceed a certain threshold which the lender must address if it becomes applicable.

The minimum loan size issue is purely a lender overlay, the state or US government wouldn't be naive enough to set a limit or they'd be sued in a heartbeat.

My company has no minimum loan amount on owner occupied loans and I know some other lenders follow this as well.

http://www.freddiemac.com/sell/guide/bulletins/pdf/iltr021209.pdf

To my knowledge, this is the most accurate update to the high cost test. If there's a more current update, add a comment to this post please. This doesn't address Section 32 (APR test) or any other anti-predatory lending overlays a specific area may have.
Web Reference:  http://RobWeber.com
0 votes
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Mon Jun 18, 2012
I was reading through this thread again and for kicks I went to the Homepath site to check and every lender mentioned in this thread can NOT do a Homepath Renovation with the exception of PrimeLending, Prospect and Flagstar.

The lenders who are soliciting business, you seem foolish saying you can do these when you can't... Anyone can verify this by going to homepath.com --> financing options --> homepath renovation tab --> click on the state (Illinois in our case) --> the list is short and sweet.
0 votes
David and He…, Agent, Long Beach, CA
Thu May 31, 2012
I have a buyer that needs a lender for a Homepath Renovation Loan. I did have a contact at Prospect for this but he is no longer with Prospect. Can anyone assist? The property is in California.

Thank you!
0 votes
Michael Vrie…, Agent, Chicago, IL
Fri Mar 30, 2012
Yes -- Neena Vlamis and her team at A&N Mortgage do them. I have worked with numerous buyers on these and we had no problems.

Neena Vlamis (president)
A & N Mortgage Services, Inc.
Tel: 773-305-LOAN (5626) ext. 104
Fax: 773-751-5041
neenav@aandnmortgage.com
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sat Sep 10, 2011
Flagstar does HomePath Renovation in all 50 states too, requires a specialty approval with their construction division.
0 votes
Brent Kluge, Mortgage Broker Or Lender, Baltimore, MD
Fri Sep 9, 2011
Renovation loans are ALL I do and can do them all across the country. I am with the ONLY bank licensed to do the FannieMae HomePath renovation loan in all 50 states. :) (there is a reason for that... we know what we are doing and have been doing them longer than anyone).

I would be delighted to assist.

Thanks!
b
Web Reference:  http://www.203kworld.com
0 votes
Kara Keller, Agent, Oak Park, IL
Thu Sep 8, 2011
To answer your second question, "What is the minimum loan amount?" The lender answered,"In Illinois if you are getting a credit of 3.5% from the seller/Fannie Mae we are probably looking at a $40k-$45k loan amount. This is due to the Illinois high mortgage act. I don't have a minimum loan amount otherwise."

Jeremy Rose
773-495-4203
Sent from my iPad
0 votes
Cecelia Marl…, Mortgage Broker Or Lender, Chicago, IL
Thu Sep 8, 2011
Thanks for the quick response. What's the minimum loan amount?
0 votes
Kara Keller, Agent, Oak Park, IL
Thu Sep 8, 2011
Yes Prospect Mortgage offers them and are very skilled in what is needed for a successful closing. Please contact:

Jeremy Rose
Sales Manager
Prospect Mortgage
230 W Superior, Suite 300
Chicago, Il 60654
312-577-5211 Direct
773-495-4203 Mobile
877-363-0787 Fax
jeremy.rose@prospectmtg.com
http://www.myprospectmortgage.com
0 votes
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