Foreclosed properties owned by Fannie Mae offer incredible value for savvy home buyers. With a HomePath Purchase & Renovate Mortgage you can purchase a bank-owned home and renovate it to fit your needs with one convenient loan.
HomePath Purchase & Renovate mortgages offer all the benefits of a standard HomePath mortgage program plus the ability to borrow up to 35 percent more than the purchase price (not to exceed $35,000) in order to rehabilitate the property.
Purchase and renovate a foreclosed property with a single loan.HomePath Purchase & Renovate
Features and Benefits
• Minimum 5 percent down payment on owner-occupied properties (10 percent on second homes and investment properties)
• No private mortgage insurance (PMI) is required
• No lender-ordered appraisal is required
• Condo/co-op project approvals may be waived
• Flexible mortgage types including fixed-rate or adjustable-rate loans
• Renovation amount up to 35% of the appraised as-completed value, not more than $35,000
• Available for primary residences and investment properties
• Single family residences, planned unit developments (PUDs), and site condos are eligible
Calculate monthly payment and amortization.
Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
Ready to Apply?
Applying for a mortgage to purchase or refinance a home is simple with eLucid.Get Started Now!
Share this Mortgage Option