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Fannie Mae Homestyle Renovation Loans for Homeowners & Investors
The Fannie Mae Homestyle Renovation Loan is a great option in today’s market where inventory is limited.  It opens up a wider range of homes to buyers if they are willing to live through the renovations.  While that isn’t necessarily easy you could end up in the neighborhood you want with a home you’ve personally renovated to your tastes which can be hard to come by.
 
Turn A Shack
Into Your Castle!!!
 
Overview Conventional Loan with a minimum 5% Down Payment Maximum Loan Amount $424,100 Maximum Renovation Cost is 50% of the future value after renovations.  This added to the purchase cost to establish the mortgage amount. Interest rates are slightly higher by approximately .375 - .5% No prepayment penalty
 
Some Examples of Projects Allowed
Kitchen Remodel
Bathroom Remodel
Painting Roof
Replacement Windows
Add Central Air
Hardwood Floors
Patios & Decks
Siding & Stucco Replacement
Finishing a Basement
Putting on an Addition Garage Doors
Energy Conservation
Add a Pool
Landscaping  
 
 
Who Is Eligible?  
Owner Occupied: 1 unit can finance 95% of sales price & repair costs.
With a 5% down payment a 3% seller assist is allowed. 
With a 10% + down payment a 6% seller assist is allowed.
 
Owner Occupied: 2 – 4 unit option available Investor & 2nd Home options
Available Investors: Only available to renovate ... more

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