Renovation Time?
Have you always wanted to renovate that old bathroom of yours or fix up that old worn down kitchen, but never could afford it? Well finally someone has listened; Coastal Finance will begin to offer the HomePath Renovation Mortgage. The HomePath Renovation Mortgage allows homebuyers to buy any Fannie Mae HomePath property and has the option to include up to $35,000 for non-structural renovations that can be included in the loan.
The reason why this is an attractive alternative is due to the face that it is very affordable. The HomePath Mortgage offers a low-interest-rate loan and no mortgage insurance requirements. With these options the buyers are able to upgrade and make repairs to their kitchens or baths, to make their home look the way they have always wanted it to look.
One of the requirements that the HomePath Renovation Mortgage requires is that an appraisal must be conducted to determine the property’s market value once the improvements are complete. Another attractive feature is that the buyer of the HomePath property is only required to put down 3 percent of the purchase price as a down payment. Investors on the other hand can put as little as 15 percent if they are to purchase a non-owner-occupied property, in contrast with the 20 percent for the conventional loan. This can only be used for a single family primary residence, and for one to four unit occupied and is an investment property purchase.
Coastal Finance prides themselves on having a well experienced renovation management team that is trained extremely well in renovation loans. They want nothing more than to help you with the process and make sure you get everything you want on time.
