HomePath Renovation Loan

[Mark S.]

I've read on the HomePath site that HomePath Renovation Loans will allow repairs up to 35% of ARV to be rolled into the loan up to $35,000, even for investors. Are there additional costs to this type of loan to be aware of? Who determines cost of repairs and ARV? Do I need to submit a written estimate? Do I also have to pay for an appraisal pre and/or post repairs? Do the repairs have to go through a "pre-approved" vendor or can I use anyone? On a relatively small rehab budget, I'm wondering where to draw the line as to whether or not obtaining this type of loan is "worth it." Will this effect the probability of whether or not an offer is accepted (versus, say, conventional financing)? Thanks in advance.