Renovate Your Dream Home with the HomeStyle Renovation Loan

Transform Your Home with Ease

Are you dreaming of a home that truly reflects your style and meets your needs but finding it difficult to finance those renovations? The Fannie Mae HomeStyle Renovation Loan is here to solve that problem. This innovative program simplifies the process of buying and remodeling a home, offering a single, streamlined financing solution. Let us show you how the HomeStyle Renovation Loan can help you turn your vision into reality.

Deep Dive into the Fannie Mae HomeStyle Renovation Loan

The HomeStyle Renovation Loan is designed to cater to homeowners who wish to enhance their living spaces and buyers who want to purchase homes in need of renovation. By combining home purchase and renovation financing into one loan, it eliminates the need for multiple loan applications and complex financing structures, simplifying the process and reducing costs.

Key Features of the HomeStyle Renovation Loan

Comprehensive Financing:

• Single Loan for Purchase and Renovation: Finance both the purchase and renovation of your home in one go, simplifying the process and saving you time.

• Generous Loan Amounts: Access financing up to 75% of the as-completed appraised value, allowing for extensive home improvements.

Flexible Loan Terms:

• Variety of Terms Available: Choose from fixed-rate options (10, 15, 20, 25, and 30 years) to match your financial planning.

• Adjustable-Rate Options: Available for those seeking lower initial payments.

Inclusive Property Types:

• Broad Eligibility: Suitable for single-family homes, condos, co-ops, and PUDs.

• Supports Manufactured Housing: Financing is available for manufactured homes, providing flexible housing solutions.

How to Qualify for the HomeStyle Renovation Loan

Credit Requirements:

• Minimum Credit Score: Qualify with a credit score as low as 620, making it accessible for more borrowers.

Loan-to-Value (LTV) Considerations:

• High LTV Ratios: Finance up to 97% LTV for primary residences, minimizing the need for a large down payment.

• Efficient Use of Funds: Leverage up to 75% of the as-completed value for renovations, ensuring ample budget for your projects.

Property Eligibility:

• Wide Range of Eligible Properties: From single-family homes to multi-family units and even condos and co-ops, a variety of property types can qualify.

Why Choose the HomeStyle Renovation Loan?

The HomeStyle Renovation Loan stands out for its homeowner-centric approach, offering a streamlined and comprehensive solution for financing home improvements. Its flexibility in terms of property types and generous financing options make it a versatile choice for both new homebuyers and existing homeowners looking to renovate. By focusing on the future value of your home, it ensures that you have the funds needed to create a space that meets your needs and aspirations.

Transform Your Home Today                      

The HomeStyle Renovation Loan opens up a world of possibilities for enhancing your living space. Whether you're buying a fixer-upper or planning a major remodel, this program provides the financial tools you need to bring your vision to life. Contact us today to learn more about how the HomeStyle Renovation Loan can help you unlock the full potential of your home.