Nice to hear from you and I look forward to answering your questions pertaining to the Home Renovation Loan. This program requires a minimum of $5,000 in repairs so your $10,000 worth of work will qualify. So how it looks is a base price of $179,900 and then add the $10,000 so you have $189,900 purchase price with $10,000 going to escrow at closing to draw off this in the 90 day period as the work is complete. Usually only 1 draw during work phase then the final at job completion. (All work MUST be done by licensed contractor)

Major benefit of this vs. FHA is that you are financing in the repairs at purchase as well as you do not have the UFMIP or Up Front Mortgage Insurance Premium of 1.75% and you do not have the monthly mortgage insurance that is required on FHA.

Fannie Mae will still cover up to 6% seller contribution.

As far as rates this depends on the amount of down payment and very credit score driven based off your middle of 3 scores. Best rates are mid score above 740. The only difference you may see in closing cost is going to be the additional fees for inspections

I can show you some scenarios if we want to look at the options.

Bill Black CMP
Branch Manager
Loannetwork LLC
360-326-8891 O
360-910-3290 C

I am working with a lender and have prequalified for conv and FHA. Current FICO 759.

I have read all the packaged stuff about the program, but would like to know more. The home needs a little work totaling less than $10,000. Is it possible to get an idea of total closing cost and current rate on a 30 yr fixed.
Is it possible to get an estimate of the cost breakdown with this product. Does Fannie cover closing cost? Is that the 6% of sale price?
What benefits could the Homepath provide vs a FHA?

Thanks, I hope to hear back from you.

Gary Walther
3422 S. Glenn
Spokane, WA 99206