“Another Renovation Loan Product”
I found a residence I am interested in, it is a Fannie Mae home path property, for $260,000. What are the pros and cons of a homeopath house and using the Possible home path renovation?
I originally pre-qualified this client for a conventional mortgage but now we are going in a different direction. My client has found a home that needs some renovations. Fannie Mae offers a loan product that is specific for property that they own. We are fortunate to have a number of lenders that makes this loan product available to my clients.
When we do a mortgage application for a home involving renovations we need to have a bid for the work in order to do a complete application. With this transaction the clients are now beginning the search for a contractor which may delay the process until that is accomplished.
We do a lot more FHA 203 K renovation loans, but in this case it is not the right option for this client.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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