Homepath Renovation Mortgage

The Homepath Renovation Mortgage allows the borrower to purchase a home that requires light to moderate renovation. The loan amount includes the funds for the purchase price and the renovation -- up to 35% of the value after the renovation - no more then $35,000.

The advantages are:

• low down payment and flexible mortgage terms
• 3% down payment 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.
• the renovation amount is based on the appraisal "as completed" value.
• No mortgage insurance.
• Expanded seller contributions for closing costs are allowed.
• These loans are available for primary residences, second homes and investment properties.

Properties with this logo are eligible for this type of loan: