Most first time home buyers buy older homes. It's a fact of life. These houses are often less expensive, so they fall within the budget of a first home buyer. However, this often means the homes need a little work. Another option for a first home could be a bank-owned property. In fact many Fannie Mae-owned homes are sold under the HomePath financing program.
Fannie Mae wants to move these homes from the “for sale” market into the hands of qualified home buyers. That’s why Fannie Mae offers the HomePath® Mortgage. This option offers several benefits including low down payment and flexible mortgage terms and a break on mortgage insurance. However, sometimes a foreclosed home ends up in need of repair. Fannie Mae makes repairs like painting, replacing carpeting and other work, but sometimes the home needs more work. This is where HomePath Renovation takes over.
So, what kind of projects can you finance with HomePath Renovation? Here's a look at 10 projects eligible for this kind of financing.
  1. Replace old or borken windows.
  2. Small kitchen remodeling project.
  3. Roof repair.
  4. New flooring.
  5. Fix peeling paint with a new paint job.
  6. Mold removal.
  7. Basement waterproofing (excluding structural).
  8. Replace missing necessities like a furnace.
  9. New appliances like a washer or dryer.
  10. Abatement or stabilization of lead-based paint hazards.
Download the "AmeriFirst Buyer's Guide to HomePath Renovation" at the button below. The free eBook walks you through the process in about a dozen pages. Download your free copy and get started on the road to buying your first home.

(moving day photo: Flickr user theopie)


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