RANTS & GEMS EP 8: FANNIE MAE HOMESTYLE EXPLAINED

This loan allows borrowers to purchase a home that needs repairs, or refinance their existing home, and include the necessary funds for renovation in the balance of the new loan. The loan amount is based on the “as-completed” value of the home rather than the present value.

The Fannie Mae HomeStyle® Renovation Mortgage is incredibly flexible and can be used in a wide variety of scenarios. If a homeowner has an eye on a fixer upper and wants to turn it into a dream home, it’s likely a HomeStyle® Renovation can help make it happen.

620 minimum qualifying credit score
Repairs or improvements must be permanently affixed to the real property and add value to the property
15 year and 30 year Fully Amortizing fixed term options
No minimum dollar amount required for repairs
Not just for owner occupied

Unlike many renovation loan options, the FNMA HomeStyle® can be used for one unit second homes and one unit investment properties. This can create an excellent opportunity for building instant equity in a vacation home or rental property, or provide financing for a flip
Any questions send me an email make the subject line homestyle renovation

Matthew.garland@flagstar.com
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