The HomeStyle® Renovation Mortgage also lets buy a home and
repair or improve it with just one loan. You can also use it
as a refinancing tool to refinance an existing mortgage and
borrow funds for the improvement or repairs to the home you
currently own. Funds used for renovation under this program
are capped at 50% of the completed value of the home.
amount based completed value but capped at the current FannieMae
loan limits. *adjusted annually
5% minimum down payment
good credit and verifiable income required
unlimited on types of repairs but funds for renovation are
capped at 50% of the completed value of the property.
homes and investment properties allowed (some limitations
or Adjustable rates (ARM’s) available
finance up to six months of mortgage payments for owner-occupied
properties to cover non-occupancy costs during construction.
For example, if you have to spend six months renting an
apartment while your home renovation takes place, you can
roll those expenses into your loan amount.