Did you know Fannie Mae has a program that will allow you to purchase or refinance a property, and renovate it at the same time? …all with one loan?
They do! It’s called the Fannie Mae HomeStyle Renovation program.
How it works…
At closing all funds for renovation will be escrowed in an interest earning account.
After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage.
Soft costs such as architectural services, engineering and permit fees may be financed.
Max loan to value ratio for owner occpuied = 95%.
If you want to purchase a home, but want to make some changes right away this loan might be a good vehicle for you!
That’s it for today!
I hope you have a great day! Thanks for reading!