Home Path & Home Style Loans

Home Path & Home Style loans are products of Fannie Mae. These loans are meant to help buyers purchase a home that is not quite what they are looking for but with a few changes can be the home of your dreams. These loans are known as an Insured Conventional loan product and require higher credit scores and down payments.

Home Path

Home Path Renovations loans are used only on Fannie Mae foreclosed homes, Home Path can not be used on any other homes. These loans are not meant to be used to add bedrooms, sun rooms,  or a third car garage. This loan program is meant to fix issues with the home that include plumbing, electrical, roof, windows, flooring, and more. An easy way to understand Home Path is no moving walls. A few of the key features of a Home Path loan include:

  • Up to 35% of the "As-Completed" appraised value or $35,000, whichever is less.
  • Down payments as low as 5%.
  • No Monthly Mortgage Insurance

Home Style

Home Style Renovation loans can be used on any home! These loans are meant for adding additions to a home, examples could be a second floor, master suite add on, third car garage, bathroom, and kitchen remodels. This loan program is meant to not only fix issues that may be present in the home, but also to make a home work for you. Feel free to move walls, add on, and more. As long as the improvements are permanent to the home. A few key features of Home Style loans include:

  • Up to 50% of the "As-Completed" appraised value of the home.
  • Down payments as low as 5%.
  • Monthly Mortgage Insurance is required

Renovation loan programs can be difficult to complete, they require more than one appraisal and sometimes multiple contractor bids to be submitted. We highly suggest if you are considering one of these types of loan to contact a loan officer who has completed more than five of these. We just happen to know such a person. Talk to Tom if you are considering a renovation loan product.

Dan Moriarty
Dan Moriarty
500 US Highway 31 S Greenwood IN 46142