FNMA HomeStyle RENOVATION MORTGAGE
The HomeStyle Renovation Mortgage is a single-close loan that lets you buy or refinance a home in need of repairs or updating. That’s right, even if you already own your home it’s possible to refinance your current mortgage and include the funds needed for repairs.
The loan amount for the HomeStyle Renovation mortgage is based on the “After Completed Value” of the home rather than what the home is currently worth.
1-4 Unit Owner Occupied Up to 95% LTV
Second and Vacation Homes
Total Cost Of Project Cannot Exceed 50% Of The Completed Value
Minimum 3% Down Payment with Gift
Maximum 3% Seller Contribution allowed
Existing Properties Only