REMN Wholesale is pleased to announce that effective Monday, February 10, 2014 we are offering Fannie Mae’s HomePath and HomePath Renovation programs.

HomePath Program Overview

HomePath allows borrowers to purchase Fannie Mae owned properties.  Advantages to the borrower include:

  • 3% down payment which may be from borrower own funds, gift, grants or secured loan from non-profit, state/local government or employer.
  • No lender appraisal required
  • No mortgage insurance required (high LTVs may incur an additional cost)

HomePath Renovation Program Overview

HomePath Renovation allows borrowers who purchase a home through HomePath to include funds for minor renovations in the loan amount.

  • 5% down payment which may be from borrower own funds, gift, grants or secured loan from non-profit, state/local government or employer.
  • Renovation funds limited to the lesser of:

–         35% of the as-completed value, or
–         $35,000.

NOTE:  There is no minimum amount for repairs

  • Loan amount based on as-completed value, not present value
  • No mortgage insurance required (high LTVs may incur an additional cost)
  • Renovations must add value to the property and be permanently affixed (e.g. roof repair/replacement, interior renovations/improvements such as finishes, flooring, etc.)
  • Renovations must be started within 30 days of closing and completed within 180 days.

Highlights of HomePath and HomePath Renovation:

  • 1-4 unit primary residence owner-occupied and 1-unit second home
  • SFR/PUDs (attached/detached), and condominiums
  • Conforming and High Balance loan amounts
  • Maximum LTV/CLTV:

–         95% LTV/CLTV for 1-unit primary residence conforming loan amount and 90% LTV/CLTV for high balance
–         75% LTV/CLTV for 2-4 unit properties both conforming and high balance
–         90% LTV/CLTV for second home conforming loan amount and 65% LTV/CLTV for high balance

NOTE:    Maximum 105% CLTV if using a Community Second

  • Minimum credit score:

–         LTV/CLTV  > 80% minimum 660
–         LTV/CLTV ≤ 80% per DU

  • Fixed rate only

To be eligible for HomePath and HomePath Renovation loans the property must be owned by Fannie Mae and if using HomePath Renovation, must be designated as eligible for HomePath Renovation by Fannie Mae.  To view eligible properties go to www.homepath.com.

Fees for the HomePath Renovation program must be listed on the GFE as follows:

Fee Type

HUD Line

GFE Block

Draw Inspections ($200 per draw; enter total amount of all draws)

811

Block 3

HUD Consultant Fee

1306

Block 6

Title Update ($100.00)

1114

Block 4

Architect/Engineering Fee/Permit Fees (if applicable)

1300

Block 6

The HomePath/HomePath Renovation guidelines have been posted on REMN Wholesale’s website at www.remnwholesale.com

If you have any questions, please contact your Account Executive.

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