Homepath Renovation Loan - Anyone have exerience? Opinion?

[Orion Walker]

Hi Folks,

It looks like I'm moving forward on a house with a HomePath Renovation loan. My lender has done some FHA 203K's but never a homepath renovation. Everyone I've talked to has said they are really a pain to deal with because of all of the details and paperwork, and I get that, but at the same time, I don't see a lot of opportunities where I can buy a house for 5% down (higher than market interest rate, but no PMI) AND finance up to 35k in repairs/upgrades on the place.

For someone who is eager to move forward but doesn't have a lot of cash, this seems like a pretty good option. Your thoughts? Experience with HomePath Renovation?

Thanks!