First time home buyer, good credit, Im looking into a property with a homepath renovation loan option.

Asked by lprockgirl, Vero Beach, FL Mon Sep 24, 2012

What do I need to know about this loan, and are they fairly easily approved?

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9
Beverly Howe, Agent, Naples, FL
Mon Oct 8, 2012
My experience as an exclusive buyer broker is that I can typically find my buyers properties in good conditon for the same amount of money they might have invested in a handyman foreclosure. The reason is banks/lenders/Fannie Mae/Freddie Mac and HUD do not give away properties. They list properties close to market vaules which forces the regular seller to compete with foreclosure properties. The exception is of course when a property is totally inhabitable in which case you might as well build a new house as have one of those!

“The most important thing a buyer can do is first of all work with a buyer broker.” As stated by AARP and the Consumer Federation of America from REALTOR® News.

There is typically no extra/hidden cost for you to obtain Exclusive Buyer Broker services. In the State of Florida only a buyer broker can negotiate for the lowest price and best terms for the buyer. When you work with an Exclusive Buyer Broker, the brokerage firm does not list any homes, there is never a conflict of interest in your transaction. The State of Florida assumes that all buyers know all agents are transactions brokers who do not represent anyone one in the transaction and that the agents have very limited if any liability in the transaction. Unless, an agent or broker tells you they will represent you exclusively the agent is not required to disclose to you that they are a transaction agent or broker who does not represent your best interest.

On my informative homepage http://www.FloridaBuyerBroker.com you will learn about:

The #1 Mistake Real Estate Buyers Make
21 Critical Mistakes Buyers Make
20 Things the Listing Agent Does Not Tell You about Short Sales
Short Sale Fraud
Foreclosures - the Wild West of Real Estate
Unrealistic Buyer Expectations
Buyer Beware
Chinese Drywall

A buyer broker is required to give the buyer loyalty, confidentiality, care and diligence, accounting, disclosure of all known pertinent facts and your financial status is protected.

You are getting ready to make one of the most significant investments of your life!

If you need help finding an exclusive buyer broker in your area call and I’ll help you find an experienced buyer broker.

Beverly Howe, CIPS, ABR, GRI, TRC
Florida Buyer Broker
Owner – Exclusive Buyer Broker
1031 Exchange Specialist
Certified International Property Specialist
Accredited Buyer’s Representative
Graduate of the REALTOR® Institute
Transnational Referral Certification
Email: broker@floridabuyerbroker.com
Local Direct: 239-601-2013
Toll Free: 1-800-283-7393
Cell phone: 239-269-2766
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Tue Sep 25, 2012
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Again, STAY AWAY FROM MONEY PITS!

Too many people watch these TV shows and then want to go play rehab contractor and put themselves thru 18 months of wishing they had not.

People go out and buy these abused / junk houses, spending a bunch of time, effort, money and massive headaches to bring a money pit up to speed only to find that in the end, they have a house that is no better than a nice one they could purchased without all the hassels.

Use a 97% or 95% LTV purchase loan with NO PMI, closing cost paid for you and not be pinholed to a few Homepath properties.

see programs at http://www.pro-option.com

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0 votes
Michele Cost…, Agent, Vero Beach, FL
Mon Sep 24, 2012
The best approach is to get you in touch with a Fannie Mae lender and have them evaluate what you would qualify for in terms of loan amount and go from there. Do you have a specific property in mind? Are you already working with another realtor? If not, I would be happy to assist you in purchasing your first home in my hometown. Michele McAfee Glowth, 5th Generation Vero Beach Resident, Broker Associate, The Lafferty Group Real Estate and Consulting, 772-696-0052, Michele@MicheleGlowth.com, http://www.MicheleGlowth.com
0 votes
James Belang…, Agent, Sebastian, FL
Mon Sep 24, 2012
Yes they are I have a couple of lenders that I work with that do the Fannie Mae Renovation loans. you should probably get Pre-Qualified before honing in on a specific property... Contact us if you would like our lenders information...
0 votes
Rita Curry T…, Agent, Vero Beach, FL
Mon Sep 24, 2012
Click the following link for additional information about the Homepath Renovation loans: homepath.prospectmortgagedirect.com/ and select Homepath renovation loan tab.

One of the Mortgage Brokers I work with told me Wells Fargo is the best source for this loan. I would be happy to assist you further. Please give me a call if you are interested.
0 votes
James Belang…, Agent, Sebastian, FL
Mon Sep 24, 2012
Homepath Renovation loans are a great way to get into a home needing repair with little down payment.... You will need to have a 640 ish credit score to qualify..... we have a pretty good inventory of Fannie Mae Renovation approved properties on the market in Indian River County.. if you would like us to email you the listings for the Homes that meet your criteria, Please call us and we will set up a search and get you started find a New Home!
Jim Belanger
The james Belanger Real Estate Team
772 584 1902
772 584 0309
Realtyworks4u@gmail.com
0 votes
Margo / Marg…, Agent, Vero Beach, FL
Mon Sep 24, 2012
Hello, you can go to HomePath.com for additional info on HomePath financing, or call me at 772-978-0200 or 772-360-6671, I work with Fannie Mae Home Path properties and can help you, Thank you, Margo
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Sep 24, 2012
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Mortgage Broker Responds

Do yourself a favor and buy a decent re-sale instead.

See the loan programs at: http://www.pro-option.com


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0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Mon Sep 24, 2012
Homepath renovation loans are terrific for buying and renovating Fannie Mae and Freddie Mac insured homes. However, these loans still require good credit for approval.

We have several excellent mortgage sources for you. Please feel free to contact us.
Ginny Mitchell
ginny@MyVeroBeachRealEstate.com
0 votes
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