HomePath Renovation Mortgage

[Rolanda Eldridge]

It seems like a simple process and a win win for investors, but does this product really exist for an investor. I spoke with a mortgage broker in AL several months ago who indicated you can't use this product for properties under 60K. Please any insight would be helpful.

1. Have you been approved for HomePath Renovation Mortgage
2. What state did you purchase property?
3. How much did you pay for property?
4. What was the down payment?(20% or 30%)

[Prashant P.]

I have used the regular homeopath mortgage but not the renovation mortgage. When I I was looking the renovation mortgage was not available it investors and actually did not seem like a great deal.

There is a minimum but it depends on the lender. If I recall, Wells Fargo had no minimum loan amount. You just have to call around and find out.

I purchase my property in Philadelphia.
The property I bought was $39,000
I put down 10%

It's not a bad way for a new investor to get started.