FNMA HomeStyle renovation loans made simple

By
Services for Real Estate Pros with CMIT Solutions

I get so many calls on these loans...Here are some of the basics:

Max Loan Amount: $417,000 (regardless of area of the country)

Renovation costs up to MAX. of 50% of "as-is" value on Purchase or Refinance

95% LTV max. on Single Family, Primary residence (lower LTV for 2nd hm/Investments)

No "sweat equity"; NO "DIY" (Do-It-Yourself)

Construction to be completed within 6 months of closing date

Eligible property types: 1 or 2 unit, site built homes, PUDs, Warrantable condos

Loan Amount on PURCHASE is based on LTV derived from the LESSER of:
- the "as-is" purchase price, renovations costs, contingency costs(if financed), eligible soft costs, interest reserve
- the "as-completed" value of the home

MAX 4 properties financed

Borrower responsible for working with Contractors,who submit work plans and specifications

Call/email for more details. Thanks! - Al
(281) 402-3650; al.rodenburg@flagstar.com

Posted by

Al Rodenburg - NMLS# 272775
Sr. Mortgage Banker

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