What is a HomeStyle Renovation Loan?
In our effort to help you create the home of your dreams, The Equity Finders would like to tell you about Fannie Mae’s HomeStyle Renovation loan. The HomeStyle loan is Fannie Mae’s version of a construction loan, with flexible down payment requirements and lending guidelines.
And also as part of our ongoing effort to make the mortgage and home buying process easier for you to understand, here are just a few things you should know about HomeStyle loans…
What kind of home can you buy?
- If purchasing or refinancing a home as your primary residence, the HomeStyle loan allows for single family homes, condos, co-ops, PUDs and up to a four-unit multi-family home.
- Second homes and investment properties are limited to the purchase or refinance of single units which include single family homes, condo units, co-ops and PUDs. No multi-family homes are allowed.
- Manufactured housing is not permitted under this loan program.
- Any repairs or renovations under a HomeStyle loan must add value and be permanently affixed to the home.
- Renovations must be completed within 6 months from the date of loan consummation.
- HomeStyle allows for either fixed rate or adjustable rate mortgages.
- The loan appraisal is based upon the estimated value after repairs to help you create the home of your dreams!
Here at The Equity Finders, our primary goal is to work with you to find a house “with equity,” customize it to fit your needs, and turn it into the home of your dreams! And our exclusive Smart Map Technology allows you to do just that. You can get details on how to use our Smart Map right here!
For more information about Fannie Mae Renovation Loans, please feel free to contact our friend and associate Alex Kirkland at Academy Mortgage right here!
Questions? Comments? Suggestions?… Please don’t hesitate to contact us here!
The Equity Finders