Question on homepath renovation home

[RearAdmiral]

Greetings,

So I found a nice, solid house that is currently homepath reno eligible that "needs a new roof". After checking it out twice, once with a construction guy, the only damage there appears to be is roughly 8k or so in roof damage that would need to be fixed. Given that that is less than the 20k or so I was expecting I can certainly pay that out of pocket.

Now my question is whether or not I HAVE to get the homepath reno loan or if I can get a conventional loan and pay for the repairs out of pocket. It seems like a pain to get the homepath reno loans.

Thanks!

 

[swanysto]

You can get a conventional and pay out of pocket, the homepath is optional for those that want to get extra money added to their loan to pay for repairs.

 

[RearAdmiral]

You can get a conventional and pay out of pocket, the homepath is optional for those that want to get extra money added to their loan to pay for repairs.

I hope so. It just seems like a bank might not give me the loan until a home is repaired, and I won't pay for repairs until I have the home. See what I mean?