HomeStyle® Renovation Mortgage
TURN DISTRESSED PROPERTIES INTO DREAM HOMES WITH THE HOMESTYLE ® MORTGAGE
The Fannie Mae HomeStyle® Renovation Mortgage is a single-close loan that allows borrowers to purchase a home that needs repairs, or refinance their existing home, and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home.
There are no required improvements or a minimum dollar amount for the repairs – Repairs or improvements however, must be permanently affixed and add value to the property. Luxury items such as pools are eligible improvements.
So, How Can Your Borrower Qualify?
• 620 minimum qualifying credit score
• Available in 15 and 30 year fixed terms – ARMs are not permitted
• Eligible properties include 1 - 2 unit primary residences, 1 unit second homes and investment properties, PUDs, and Fannie Mae approved Condominiums
• The property must have been completed for at least one year
• No minimum dollar amount required for repairs