Fannie Mae HomeStyle® Renovation Mortgage

Fannie Mae HomeStyle® Renovation Mortgage

 

The Fannie Mae HomeStyle® Renovation Loans are great for homeowners who are looking to update their home.

 

Program Highlights:

    • $424,100 Loan Limit
    • This is a Conventional Fannie Mae Loan (with low interest rates)
    • Only a 5% down payment for Owner Occupied
    • This program will not delay your closing time! All work happens AFTER funding
    • Add a Swimming pool
    • Eligible Improvements include anything that is Permanently Affixed to the Property and Brings Value
    • Cosmetic Improvements including Interiors, Kitchens, Baths, Flooring, and other remodeling
    • Energy conservation improvements
    • Structural Alterations such as Repair or Replacement of Structural Damage
    • Additions to Structure and Finished Attics and/or Basements
    • Eliminating health and safety hazards
    • Changes for Improved Functions and Modernization
    • Repairing or Adding Roofing, Gutters and Downspouts
    • Landscaping, Grading, Repairing Patios and Terraces that Improve the Property
    • Decks/Fences
    • Rehabilitation or Improvements to a Detached Garage
    • Add a New Detached Garage, or the Addition of an Attached Unit

     

    Features:

      • Improvements May Equal up to 50% of “After Improved” Value
      • Loan to Value up to 95%
      • Loan Amounts to $424,100
      • 620 Minimum FICO Score
      • Owner Occupied Primary, Second Homes, Investment Properties

       

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