Whether you are in need of renovating and rehabbing a new or existing home, Fannie Mae's HomeStyle Renovation offers you the ability to with zero income limitations
Provides financing for property improvements, renovations and repairs up to 75% of the as-complete appraised value of the property
Loans delivered before project starts (subject to lender approval)
Not limited to existing Fannie Mae loans, except for loans with LTV ratios greater than 95%
One to four-unit principal residences, one-unit second homes, or one-unit investment properties, including units in condos, co-ops, and PUDs.
Fannie Mae’s HomeStyle Renovation provides financing for property improvements, renovations and repairs up to 75% of the as-complete appraised value of the property.
If your borrower wants to stay way from home equity line of credit but doesn’t want to give up the thoughts of having a dream house, HomeStyle Renovation is the best solution. Now you can give your customers the option to renovate and rehab a new or existing home by including financing in their conventional purchase or refinanced home loan. LTV is calculated taking the proposed project into account, giving them more purchasing power and more options to make their home their own.