FNMA has announced the discontinuance of the HomePath and HomePath Renovation products. Any FNMA owned property wishing to use the current enhancements such as no MI and no appraisal must have the contract of sale executed on or before October 6, 2014. All loans with a fully executed contract dated on or before October 6, 2014 can use the existing features, although the loan will need to close and fund by December 31, 2014.
After October 6th, FNMA owned properties must use other financing options. If a renovation product is requested, it must follow either the HomeStyle or 203K program guidelines. The HomeStyle renovation program is not impacted by this change.
REMN Wholesale will provide more details as the date approaches.
If you have any questions, please contact your Account Executive.