HomePATH Renovation or HomeSTYLE Renovation – What’s the Difference?

On June 18, 2011, in Mortgage Programs, by Jonathan Blackwell(203K Expert)

The HomeSTYLE and the HomePATH Renovation are both Fannie Mae offerings. The HomePATH is available ONLY on Fannie Mae owned foreclosures while the HomeSTYLE is NOT property specific.

HomePath Renovation Mortgage allows a borrower to purchase a property that requires light to moderate renovation. The one loan amount includes both the funds for the purchase and renovation – up to 35% of the as completed value, no more than $35,000. Cosmetic repair ONLY. Great loan for owner occupants and INVESTORS!