Fannie Mae Homestyle Program


The HomeStyle® Renovation Mortgage allows a person to buy or refinance a home and repair or improve it with just one loan. Funds used for renovation under this program are capped at 50% of the completed value of the home.

Homestyle® Features:

  • Loan amount based completed value but capped at the current Fannie Mae loan limits. *adjusted annually
  • Low 10% minimum down payment – subject to PMI approval
  • Reasonably good credit and verifiable income required
  • Virtually unlimited on types of repairs but funds for renovation are capped at 50% of the completed value of the property.
  • Second homes and investment properties allowed (some limitations apply)
  • Fixed or Adjustable rates (ARM’s) available
  • Can finance up to six months of mortgage payments for owner-occupied properties to cover non-occupancy costs during construction. For example, if you have to spend six months renting an apartment while your home renovation takes place, you can roll those expenses into your loan amount.
  • Based upon after completed value

 

 

© 2010 The Renovation Loan Guy.
CT Loan Originator License #70333.

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