buelliganx1 Posted July 15, 2012 Report Share Posted July 15, 2012 Just wondering if anyone on here has any experience with the homepath renovation mortgages. The wife and I have found a house that is eligible and for the most part it looks like it only needs cosmetic things. I've never dealt with one before and dont have any idea how it works and how they get you the money needed for the renovation. Quote Link to comment Share on other sites More sharing options...
Mallard Posted July 15, 2012 Report Share Posted July 15, 2012 You have to have plans and estimates from a contractor submitted to Home Path. There will be inspections to verify the work is done and HP will pay the contractor directly. You cannot do the work yourself and pocket the money. There's a limit of about $20k. Never dealt directly with them, but I looked into it and this is what I found. Quote Link to comment Share on other sites More sharing options...
buelliganx1 Posted July 15, 2012 Author Report Share Posted July 15, 2012 Hmm I know I've seen some people that have done some kind of loan that allowed them to put some sweat equity in their home, I just cant think of what that loan was called and I thought this might be it but I guess not. I dont really want to pocket any money but it could be a nice little house with a nice piece of land if was cleaned up. Quote Link to comment Share on other sites More sharing options...
LJ Posted July 15, 2012 Report Share Posted July 15, 2012 My buddy had a HP loan, from what he told me is that the house had to have $5000+ in repairs to make the home habitable. Like his had lots of busted pipes and missing ceiling and also had some ceiling joists notched And the $5000 to become habitable is a requirement of the loan. So get a good inspection, could have major electrical, foundation, or plumbing problem Quote Link to comment Share on other sites More sharing options...
OneRunnin72SST Posted July 15, 2012 Report Share Posted July 15, 2012 You may want to look into the 203k program as well... -Erik Quote Link to comment Share on other sites More sharing options...
buelliganx1 Posted July 15, 2012 Author Report Share Posted July 15, 2012 My buddy had a HP loan, from what he told me is that the house had to have $5000+ in repairs to make the home habitable. Like his had lots of busted pipes and missing ceiling and also had some ceiling joists notched And the $5000 to become habitable is a requirement of the loan. So get a good inspection, could have major electrical, foundation, or plumbing problem Plumbing is my biggest worry, it has a septic system and a well so there is no telling what the idiots who lived there before did before they were forclosed on. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted July 15, 2012 Report Share Posted July 15, 2012 The houses that fall under those guidelines are shit Quote Link to comment Share on other sites More sharing options...
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