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Sunday, May 1, 2011

Fannie Mae HomePath RENOVATION program

Fannie Mae HomePath RENOVATION program


The long awaited Fannie Mae HomePath Renovation program is now offered by us on all Fannie Mae HomePath eligible homes. This program will allow a qualified buyer to purchase a HomePath home and use up to 35% of the sales price or $35,000, whichever is less to fix up the home and to a maximum mortgage amount not to exceed the conforming limit currently $417,000. Eligible properties can be located by contacting me. Mortgage Insurance is not required however an appraisal is required for this program.

Maximum LTV 97% with a minimum credit score of 660 and 80% with a minimum credit score of 620.

Investment properties are allowed up to 75% LTV and 700 minimum credit score.

Eligible properties are:
1 to 4 unit properties
Planned Unit developments
Low rise condo

Eligible Borrower must be individuals and NO for-profit or non-profit investors, corporations, trust, partnerships.

All work is to be completed by a licensed contractor. Do it yourself projects are not eligible for financing and all improvements are to benefit the value of the property. Improvements are to be completed within 3 months of the loan closing date.

Give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com for much more additional information!

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