Lutz Homepath Properties
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Homepath renovation loans are loans for the purchase of Fannie Mae real estate-owned. If you qualify, you can get a 30 year fixed mortgage around 3.5 percent. Only 3 percent down is needed and they will also finance up to $25k in renovations, and there is no mortgage insurance.
The program is a great deal for first-time buyers or owner occupied borrowers looking to find a great deal on a home they can fix up and own long term.
This will help to improve the local area as owner occupying purchasers are more able to buy property and have the money to fix them up and make them livable. There is a high supply of homes that were foreclosed on that were sitting vacant for many years and need some TLC. The Homepath loan can be a great way to buy the right house in the right area and then be able to fix it up and customize it to how you want.