The main benefits to HomePath Mortgages are the waived requirements for mortgage insurance (PMI) and the ability to finance in home repairs. There are not many options for home improvement loans in today's strict lending environment. This home improvement loan may be the answer to buy a fixer upper and turn it into your dream home.

Loan benefits include financing home improvements, No mortgage insurance (no PMI), and a low down payment. Home improvements can include light to moderate home renovations that are included in the financing. The home buyer may only need to cover the low down payment and appraisal costs. This loan option is not available through all banks and mortgage companies.

Because Fannie Mae already owns the property, they allow home buyers to apply for HomePath mortgage financing and include required home repairs into the loan amount. Additionally HomePath Renovation Mortgages do not have PMI which makes the monthly mortgage payments substantially less than standard conventional loans.

List of HomePath Mortgage Home Improvements Benefits

HomePath Renovation Loan Processing Phase

HomePath Renovation financing allows for renovation of a property up to 35% of the appraisal (as completed value) and no more than $35,000 in home repairs. Light to moderate renovations allow the borrower to live in the property while the renovations are completed if they wish.

Home improvements may be financed into the loan to bring the home up to conventional standards. The repairs will be identified in the appraisal, including any cosmetic repairs identified by the borrower. The borrower will select a single licensed contractor to complete the repairs. After the loan closing the renovation process will begin.

1. Borrower selects property, lender, and contractor.
2. Lender pre-qualifies borrower, ensures that property is eligible, and approves contractor.
3. Appraiser reviews plans and determines as-completed value.
4. Lender calculates maximum renovation amount and maximum mortgage amount.
5. Lender underwrites loan and the loan closes.

HomePath Renovation Phase

1. Lender establishes escrow for renovation
2. Contractor completes work.
3. Lender inspects to confirm work is completed
4. Lender disburses renovation funds in escrow to contractor
5. Upon completion, lender performs the final inspection, obtains title insurance endorsements
and reconciles and closes escrow.

Riverbank Finance LLC offers HomePath Renovation Loans through its lending partners. We would recommend getting a mortgage pre-approval so once you find a home you can act quickly and place an offer to purchase. To get started simply complete the form below or call 1-800-555-2098 to speak with a loan officer today.

After applying for a Michigan HomePath Renovation Loan, a loan officer will contact you to ensure that you are eligible for a HomePath Mortgage Financing. They will help to review income, assets and credit. If everything looks good they will issue you a Mortgage Pre-Approval to buy a home with a HomePath Renovation Loan.

Riverbank Finance LLC offers HomePath Renovation Loans through its lending partners. We would recommend getting a mortgage pre-approval so once you find a home you can act quickly and place an offer to purchase. To get started simply complete the form below or call 1-800-555-2098 to speak with a loan officer today.

After applying for a Michigan HomePath Renovation Loan, a loan officer will contact you to ensure that you are eligible for a HomePath Mortgage Financing. They will help to review income, assets and credit. If everything looks good they will issue you a Mortgage Pre-Approval to buy a home with a HomePath Renovation Loan.