FANNIE MAE HOMESTYLE® RENOVATION
The HomeStyle® Renovation Loan can help you both purchase AND rehab your next home. The purchase price and renovation costs are combined into ONE loan with one monthly payment. You can borrow money based on the value of the home AFTER the renovations are completed.
Ways to use HomeStyle® Renovation
Kitchen and bathroom remodels including built-in appliances
Flooring and painting
Roofing, gutters, and downspouts
Repair, replace, or install plumbing, HVAC, and electrical systems
Energy efficiency improvements
Landscape and site improvements
New in-ground swimming pools, BBQ islands, decks, walkways, and patios
Structural alterations, additions, including Additional Dwelling Units (ADUs)
Combine the benefits of HomeStyle® Renovation with other Fannie Mae products
HomeStyle® Energy
If you are planning on ENERGY STAR® certified improvements, resiliency, water, or other energy upgrades, then the HomeStyle® Renovation loan may be bundled with HomeStyle® Energy to qualify for a $500 LLPA credit.
HomeReady®
Unlike FHA Loans, this low down payment mortgage has lower rates and cancellable mortgage insurance. When combined with a HomeStyle® Renovation Loan HomeReady® makes financing renovation projects even more affordable.
Requirements
Eligible Properties:
- 1-4 unit primary home
- 1 unit investment home
- 2nd/seasonal homes
- Condo FNMA eligible & PUD
Repair Amounts:
- No minimum
- Max reno amount CANNOT exceed 75% of the as- completed value
Repair Types:
- Structural & non-structural
- Landscaping or site amenities acceptable
Loan-to- Value:
- Primary 1-Unit 97%, 2-Unit 85%, 3-4 Unit75%
- 2nd Home: 90%
- Investment: 1-Unit 85%
Credit Score:
- 620 min
Home Buyer Education
VA LOAN
100% financing for eligible Veterans, Reservists and Active Duty Personnel
CMG COMMUNITY ONE GRANT
Purchase a home within a specific zip code with as little as 1% down payment.
VA LOAN
100% financing for eligible Veterans, Reservists and Active Duty Personnel
CMG COMMUNITY ONE GRANT
Purchase a home within a specific zip code with as little as 1% down payment.