On Q Financial is one of the few lenders eligible in the Lake Norman area approved to do HomePath Renovation Mortgages. Of course, On Q Financial can also do them in any part of North or South Carolina as well.
The HomePath Renovation Mortgage allows a borrower to purchase a Fannie Mae foreclosure property that requires light to moderate renovation. The mortgage amount includes both the funds for the purchase of the home and for the renovation work. There is a limit to the amount of renovation that can be done on this loan type. Renovation work is limited to 35% of the appraised value after the renovation work is completed, and no more than $35,000.
Eligible Property Types:
Primary Residence – As little as 5% down payment required
Second Home- As little as 10% down payment required
Investment Property- As little as 15% down payment required
MORTGAGE INSURANCE IS NOT Required on HomePath Renovation Mortgages
All properties must be designated by Fannie Mae on the www.homepath.com website as eligible for HomePath Renovation financing.