renovation loan consultant

[Drew Farnese]

Hey guys, forgive me because I didn’t search too much in advance. I’m at work and browsed as much as I could on my lunch break but to no avail…

I’m buying a Fannie Mae Homepath house and getting the Homepath renovation mortgage. This will be my primary residence so I’m purchasing with 5% down. The renovation loan is for 23K. I am now only 16 days from settlement and my mortgage guy calls saying I now need a Renovation Specialist Consultant to come out and - consult- for a 600$ fee.

I understand why this step may be required, but after talking to the guy and understanding the service provided, 600$ sounds extremely high.

My questions.

1. Is this service required on all renovation loans over a certain dollar amount?

2. Shouldn't my mortgage specialist have told me about this LONG ago?

3. Is $600 a fair price for this service?

Thanks in advance guys!

-Drew