The Facts About FHA 203k and HomeStyle Renovation Loan Options in Texas The facts out there about FHA 203k loans and Renovation Loans in general just need to be clarified. It’s easy to hear about what’s wrong or what’s hard about the loan, but instead let’s talk about why FHA 203k loans are great!
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Have you heard the news? As of October 6, 2014 the HomePath and HomePath Renovation Programs will be history. That’s right; Fannie Mae recently announced that they are retiring this loan program. Any person purchasing a Fannie Mae owned property wishing to use either a HomePath or a HomePath Renovation loan must have a fully executed contract dated on or before October 6, 2014. Fannie Mae has yet to state the date the loan must close but it’s speculated that it would need to close by January/February of 2015.
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The world of renovation lending isn’t a one size fits all type of business. Each loan is customized for each client’s individual needs. I wanted to take a moment to show you some examples and give you a brief overview of some of the loans that I offer.
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Considering purchasing a foreclosed property? Let’s take this a step farther and say this property is a Fannie Mae foreclosure. Well if that turns out to be the case than you would be crazy not to participate in a Fannie Mae HomePath mortgage. Why you ask? For starters, unless you are renovating the home, no appraisal is required.
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