The HomePath Renovation Mortgage was a conventional loan option available exclusively on Fannie Mae–owned HomePath foreclosure properties. It let a buyer purchase a HomePath home and roll the cost of needed repairs into a single mortgage, without lender-required mortgage insurance. Fannie Mae ended the HomePath financing program in 2014, and this specific renovation product is no longer offered.
If you're looking to buy a fixer-upper in Michigan and finance repairs into your mortgage today, a HomeStyle Renovation Loan or an FHA 203k loan serve the same purpose the HomePath Renovation Mortgage once did — and they aren't limited to Fannie Mae–owned properties.
For more information on financing a home purchase and repairs in Michigan, call us at 1-800-555-2098 or apply online.
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Is the HomePath Renovation Mortgage still available?
No. Fannie Mae ended HomePath special financing, including the HomePath Renovation Mortgage, in 2014. Fannie Mae–owned foreclosure properties are still listed on HomePath.com, but they are now financed with standard mortgage products.
What replaced the HomePath Renovation Mortgage?
Today, buyers who want to purchase a home and finance repairs into one mortgage typically use a HomeStyle Renovation Loan (conventional) or an FHA 203k loan. Both let you roll the cost of eligible repairs into your loan amount and are not limited to Fannie Mae–owned properties.
How do I apply for a renovation loan in Michigan?
Riverbank Finance LLC offers HomeStyle Renovation and FHA 203k loans through its lending partners. We recommend getting a mortgage pre-approval so once you find a home you can act quickly and place an offer. To get started, complete the online application or call 1-800-555-2098 to speak with a loan officer today.
Buying a fixer-upper in Michigan?
HomePath Renovation financing has ended, but HomeStyle Renovation and FHA 203k loans can still roll repair costs into your mortgage. Talk to a licensed loan officer today.
Apply Now 800-555-2098