The HOUSE Team’s Homepath Renovation program is designed to help borrowers purchasing a Fannie Mae foreclosure finance the cost of repairs that are both required by an appraiser and/or requested by the buyer. This program allows a Homepath buyer to close on their Homepath loan and have the repairs completed after closing.
I. Homepath Renovation Eligible Repairs
The HOUSE Team’s Homepath Renovation loan program allows a buyer to finance repairs that are required by an appraiser and/or repairs or upgrades that the buyer wants to make to the property.
The property MUST be listed as eligible for a Homepath Renovation Loan on Fannie Mae’s Homepath website: http://www.homepath.com/
II. Maximum Amount That Can be Financed for Repairs
The HOUSE Team’s Homepath Renovation Program allows a Hompeath buyer to finance up to $35,000 to go toward repairs. This includes the 10% contingency fund that is required on all Homepath Renovation Loans.
– If the required repairs cost exceed $35,000 the buyer or the seller cannot fund the excess themselves
III. Loan Type(s) That Can be Used With This Program
Program can only be used with a Homepath Loan and the property must be an eligible Fannie Mae forecclosure.
IV. & Minimum Down Payment Requirements
Contact us for more information
V. Maximum Time Allowed to Complete Repairs
The Homepath Renovation Program allows up to 120 days for the repairs/updgrades to be completed. This time is measured from the date the loan closes on both refinances and purchases.
VI. Contractor Regulations
The HOUSE Team’s Homepath Renovation Program allows for a maximum of up to 3 contractors. The contractor(s) cannot be a family member, realtor/loan officer involved in the transaction or the borrower’s employer.
Contractor(s) must be approved by our Renovation department. Documents needed to review/approved a contractor include:
- Contractor Checklist (click HERE for sample)
- W-9 from Contractor (click HERE for sample)
- Contractor Permit Advisory
- Itemized Bid (click HERE for sample)
- Borrower Acknowledgement of Repair Escrow
- Borrower’s Contractor Acknowledgement
- Contractor Profile Report (click HERE for sample)
- Applicable licenses
- Liability Insurance
- BBB info/trade association memberships
Please contact The HOUSE Team with any questions and to learn more about how our Homepath Renovation program can help you fix and upgrade your new Homepath property! Team Phone: 602.435.2149 Team Email: Team@JeremyHouse.com
By Jeremy House