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Have you been seeing all the “Fannie Mae Homepath Renovation..” notations on Macomb County homes for sale listings?

April 27th, 2011 · No Comments · macomb county mi real estate market, tips for home buyers, tips for purchasing a foreclosure

If you’ve been searching all of the homes for sale databases in Macomb County (or the tri-county area) then I’m sure you’ve been seeing many listings of homes that are Fannie Mae held foreclosures.   One of the nice features of these foreclosures is that many of the homes are approved for a Fannie Mae renovation mortgage.

I recently met with Mario Rea of Flagstar and he went over the renovation mortgage program for me.  Here are a couple of the highlights / advantages of the Fannie Mae HomePath Renovation mortgage:

Low down payment for most purchasers:  3%

No private mortgage insurance (routinely called PMI or MIP)

Up to 35% of the purchase price can be borrowed for your renovations costs (or $35,000, whichever is less)

Renovation funds are borrowed as part of the purchase price and held in escrow until the renovations are completed.

If you have looked at foreclosures in the past in our area (Macomb County MI & tri county area) then you know how frustrating it can be to view a home that needs repairs in order to meet FHA or other program guidelines.  This Fannie Mae Renovation programs will be a huge help to those who wish to purchase a Fannie Mae owned home that needs repairs and/or renovations.

Mario Rea was a big help to me in answering my questions so that I could feel confident the next time a buyer asks me about these listings.  If you’d like further info, or want to talk to Mario about pre-qualifying for this mortgage, you can contact him at 586-996-2020.   He can also be reached via email at Mario.A.Rea@Flagstar.com.

Kris Wales – A partner for your real estate needs in Macomb County MI
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