The Fannie Mae Homestyle Renovation loan is our standard renovation program for the conventional borrower (up to 95% Loan To Value). With this program you can perform all of the same renovations as with the FHA 203(k) loan, but without all of the limitations FHA guidelines has.
WHAT IS THE HOMESTYLE PROGRAM?
The Fannie Mae Homestyle Renovation loan is our standard renovation program for the conventional borrower (up to 95% Loan To Value). With this program you can perform all of the same renovations as with the FHA 203(k) loan, but without all of the limitations FHA guidelines has.
This product does allow for luxury items that FHA does not, as in a swimming pool, a detached garage, or a gazebo.
The Homestyle renovation loan contains one application, one closing and one set of fees. In the end all of the costs will be financed (up to 95% on a principle residence, or 90% on a secondary home). That being said, if you wish to only finance 80%, you will have the option to avoid mortgage insurance.
Depending on the size of the project, changing a floor plan, or adding square footage, a consultant could be required.
The types of improvements that borrowers may make using Fannie Mae Homestyle financing include:
· Structural alterations and reconstruction
· Modernization and improvements to the home's function
· Elimination of health and safety hazards
· Repairs to pools that are in need of health and safety hazards
· Installing a new pool
· Adding a detached garage
· Changes that improve appearance and eliminate obsolescence
· Reconditioning or replacing plumbing; installing a well and/or septic system
· Adding or replacing roofing, gutters, and downspouts
· Adding or replacing floors and/or floor treatments
· Major landscape work and site improvements
· Enhancing accessibility for a disabled person
· Making energy conservation improvements
· Conversion of a property of any size to a one-to-four unit structure
Another added benefit of the Fannie Mae Homestyle loan, like the FHA Standard 203(k) is in the event that the home will be uninhabitable during renovation, you can finance up to 6 mortgage payments into the loan, while waiting for the home to be in a condition that is it inhabitable again. (restrictions to apply).
WHAT IS THE HOMESTYLE PROGRAM?
The Fannie Mae Homestyle Renovation loan is our standard renovation program for the conventional borrower (up to 95% Loan To Value). With this program you can perform all of the same renovations as with the FHA 203(k) loan, but without all of the limitations FHA guidelines has.
This product does allow for luxury items that FHA does not, as in a swimming pool, a detached garage, or a gazebo.
The Homestyle renovation loan contains one application, one closing and one set of fees. In the end all of the costs will be financed (up to 95% on a principle residence, or 90% on a secondary home). That being said, if you wish to only finance 80%, you will have the option to avoid mortgage insurance.
Depending on the size of the project, changing a floor plan, or adding square footage, a consultant could be required.
The types of improvements that borrowers may make using Fannie Mae Homestyle financing include:
· Structural alterations and reconstruction
· Modernization and improvements to the home's function
· Elimination of health and safety hazards
· Repairs to pools that are in need of health and safety hazards
· Installing a new pool
· Adding a detached garage
· Changes that improve appearance and eliminate obsolescence
· Reconditioning or replacing plumbing; installing a well and/or septic system
· Adding or replacing roofing, gutters, and downspouts
· Adding or replacing floors and/or floor treatments
· Major landscape work and site improvements
· Enhancing accessibility for a disabled person
· Making energy conservation improvements
· Conversion of a property of any size to a one-to-four unit structure
Another added benefit of the Fannie Mae Homestyle loan, like the FHA Standard 203(k) is in the event that the home will be uninhabitable during renovation, you can finance up to 6 mortgage payments into the loan, while waiting for the home to be in a condition that is it inhabitable again. (restrictions to apply).
