Fannie Mae HomeStyle Renovation

HomeStyle Renovation financing combines home purchase or refinance with home improvement financing in one loan with one closing. For borrowers considering major home improvements and GREEN renovations, this option provides an effective and affordable way to leverage the future value of a home with a single-close first mortgage. Unlike traditional cash-out refinances and home equity lines the Fannie Mae Homestyle is based on AFTER REPAIR VALUE. Using the “as-completed” value provides more room than traditional loans to do your renovations!

Create your own DREAM HOME with a Fannie Mae Homestyle Renovation Loan! Serving ALL FIFTY STATES. We are the Fannie Mae Homestyle Renovation loan EXPERTS! Your search for a Homestyle Renovation lender is over!

How Does the Fannie Mae Homestyle Work?

1.) Locate Your Property

2.) Make an Offer — include 45-60 days to close a Homestyle Renovation loan.

3.) Submit Loan to Underwriting — Begin researching a contractor.

4.) Gather Contractor Bids — licensed contractors only for Homestyle Renovation financing!

5.) Submit Contractor Bids to Appraiser — Since a Homestyle Renovation loan is based on AFTER REPAIR VALUE we need the contractor bids before we can appraise the property.

6.) Conditional approval — Your Homestyle is approved! Work on underwriting conditions.

7.) Submit Conditions — Homestyle contractor validation should also be well underway.

8.) Loan Closing — You’re done with UNDERWRITING! Congrats!

9.) Renovation Begins — You and your Homestyle contractor go to work

10.) Draw Disbursement — Between 3 to 5 draws are typical on Fannie Mae Homestyle Renovation loans

11.) Work Complete — Final contractor disbursement and years of enjoyment from your newly renovated home!

What are the Benefits of Using the Homestyle Over FHA 203K Loans?

While there are lots of reasons people prefer Fannie Mae Homestyle Renovation loans to FHA 203K loans, here are just a few of the ones we see most often.

Use of Higher Conforming Loan Limits

Conforming loan limits are typically higher than those of FHA. Normally the loan limit is $417,000, but in higher cost areas like Hawaii, Washington DC, Baltimore, Virginia, Colorado, New Jersey, New York & California for example, your Fannie Mae Homestyle loan limit can be MUCH higher. Contact us directly to find out how much you can borrow in your area.

Available for INVESTORS & SECOND HOMES!

FHA loans are always for owner occupants only. The Homestyle Renovation Mortgage will allow for both investors and buyers of second homes to purchase and renovate or refinance and renovate their properties.

Virtually Unlimited on Type of Repair

While the FHA 203K places restrictions on the type of repair you can do, the Homestyle allows you to do virtually whatever you want in terms of repair. You can even add / repair luxury items like pools and spas with the Homestyle Renovation loan.

Avoidance of Mortgage Insurance

While 30 year fixed FHA loans contain mortgage insurance no matter how much you put down, Fannie Mae Homestyle loans allow you to put 20% down and avoid that expense

Unfinished New Construction Foreclsoures

FHA loans require a Certificate of Occupancy that is issued when the home is complete. However, if a builder was foreclosed on during construction a Certificate of Occupancy (C.O.) was never issued. That makes the home ineligible for FHA financing. On Fannie Mae Homestyle Renovation loans we don’t need a C.O., we only require the home be substaintally complete.

You Can Have More than One Fannie Mae HomeStyle Renovation Loan

Typically, you are only allowed ONE FHA loan at a time (relocation, growth in family, etc may be exceptions). However, Fannie Mae will allow you to have more than one loan at a time.

We specialize in Fannie Mae Homestyle Renovation loans. They are all we do and we close a LOT of them. We can help you whether you live in Georgia, Hawaii, Washington DC, Baltimore, San Diego, New Jersey, Florida, San Diego or anywhere else in the US! If you want to find out if the Homestyle is the right product for you contact us NOW!

Serving: Georgia | Florida | North Carolina | Maryland | Washington DC | Virginia | South Carolina | Tennessee | Alabama |

High Cost Counties: Greene, GA | Monroe, FL | Charles, MD | Fredrick, MD | Collier, FL | Camden, NC | Arlington, VA | Clarke, VA | Baltimore. MD | Washington, DC | Fairfax, VA | Calvert, MD | Broward, FL | Fulton. GA | Fredricksburg, VA | Dekalb, GA | Manassass, VA | Sarasota, FL | Loudoun, VA | Prince George’s. MD | Montgomery, MD | Dare, NC | Hyde, NC | Cheatham, TN | Pasquotank, NC | Davidson, TN | Perquimans, NC | Dickson, TN | Fauquier, VA | Robertson, TN