What's a Homepath Renovation Loan?

A Homepath Renovation loan is for foreclosed properties and it’s a conventional loan. Renovation loans are for properties that are damaged. Sometimes they allow the buyer to put a downpayment of only 3% of the sales price. Since this is considered a conventional loan, the ratios for debt to income need to be much lower than on FHA loans. FHA loans allow ratios to go as high as 55% while these conventional loans typically make the lenders stay around 45%. This means less buying power (lower sales price) for the buyer compared to an FHA loan.

In addition the rate is higher than the FHA loans since there is no monthly mortgage insurance and there is no appraisal report done either. Basically after submitting an offer, the buyer would never know if the appraised value is lower and if the buyer overpaid.



Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 412-1171 Fax
www.ReasonsToHireMe.com (Why Choose Me)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

Today's New Foreclosures for Sale in Miami-Dade and Broward County - 06/22/2011

Below are the new foreclosures that just hit the market for sale in Miami-Dade and Broward County. Click on the link below to view the homes. To go from one home to the next, click on the right or left arrows in the upper left hand side of the webpage. If you click on the home's photo, it will enlarge all of its photos. Please contact me if you are interested in any of them.

Foreclosures - Single Family Homes - Miami

Foreclosures - Condos and Townhomes - Miami


Foreclosures - Single Family Homes - Broward County

Foreclosures - Condos and Townhomes - Broward County


Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 412-1171 Fax
www.ReasonsToHireMe.com (Why Choose Me)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)