By Bill Arce.Fannie Mae offers buyers an opportunity to purchase their primary home in need of renovation to include the rehab cost in the home loan. This special financing is available if purchase a Fannie Mae home, make sure your real estate agent and lender are aware of this program.
This program is available only on homes you make your primary residence and offers these benefits:
•Financing to fund both your purchase and light renovation
•Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
•Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
•No mortgage insurance*
•HomePath Renovation Mortgage financing is available from several lenders, make sure to ask for a bilingual representative.
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