HomeStyle Renovation Mortgage
The HomeStyle Renovation Mortgage also lets buy a home and repair or improve it with just one loan. You can also use it as a refinancing tool to refinance an existing mortgage and borrow funds for the improvement or repairs to the home you currently own. Funds used for renovation under this program are capped at 50% of the completed value of the home.
• Loan amount based completed value but capped at the current FannieMae loan limits. *adjusted annually
• Low 5% minimum down payment
• 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.
Making it Easier to Finance Your Home.