The Fannie Mae HomeStyle® Renovation Mortgage option provides a convenient and economical way for those considering moderate home improvements to make repairs and renovations.
The Fannie Mae HomeStyle® Renovation Mortgage is a single-close loan that enables borrowers to purchase a home that needs repairs, or refinance their existing home and include the necessary funds for renovation in the loan balance.
The loan amount is based on the “as-completed” value of the home. There are no required improvements or a minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property. Homes in need of major rehabilitation or are outdated and not desirable
- Perfect for HUD REOs, foreclosures, and short sales
- Improvements to outdated homes, kitchens, bathrooms, etc.
- Structural deficiencies
- Additions and expansions
- Addition of decks, pools, and improved landscaping.
Make improvements
- Improve instead of move
- Improvements to outdated homes, kitchens, bathrooms, etc
- Additions & expansions
- Necessary or optional major/structural repairs
If you are interested in a Renovation Loan please give us a call or fill out the form below. We look forward to speaking with you.
A Home Loan specialist with over 25 years experience. She can help you find the best loan program that meets your needs.