One of the more popular loan programs here in Arizona is the Fannie Mae HomePath Renovation Mortgage – due mostly to the number of homes that are currently owned by Fannie Mae and in order to qualify for a HomePath Renovation Mortgage, the home you are buying must be owned by Fannie Mae.
Since this loan program is gaining popularity, and it has a little bit different time line to it (similar to the Arizona FHA 203k streamline loan) here is a high-level overview of the process for people who are interested in possibly getting a HomePath Renovation mortgage. The length of time the lending process will vary, but there are generally five main factors that will determine how long it takes to get your loan closed.
HomePath Renovation Mortgage Process
- Signed & Executed Sales Contract by Fannie Mae & Purchaser is received
- Required application & documentation is returned to us
- Completed Contractor Budget Documents to Appraiser
- Completed Contractor Fannie Mae Construction Package
- Completed Appraisal
The HomePath Renovation loan is a great loan for anyone who is considering buying a house that is currently owned by Fannie Mae and is in need of repairs before living in it. The process for a HomePath Renovation loan takes a little bit longer than a traditional loan, but not as much as you think.