HomePath Renovation Mortgage

HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation - up to 35% of the as completed value, no more than $35,000.

Borrower Benefits

• Low down payment and flexible mortgage terms (fixed- rate or adjustable-rate).
  

• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  

• Renovation amount based on appraisal “as completed” value.
  

• No mortgage insurance.
  

• Expanded seller contributions for closing costs allowed.
  

• Available for primary residences, second homes, and investment properties.
  

• Many condo project requirements are waived; ask your lender for details.
  

Properties with this logo are eligible for special financing for light to moderate renovations.