Essentially, HomeStyle Renovation is a solution to the current problem in housing that home buyers often see: finding houses that aren’t yet “home.” You can buy a house with potential and turn it into your home with your style, without breaking the bank. With a minimum of 3% down*, you can finance the purchase and remodeling of your dream home.
A financing option offered through Fannie Mae. According to Fannie Mae:
"The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs.
With as little as a 3% down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.
Purchase or Refinance & Remodel
3% minimum down payment for primary, single-family residences (10% for second homes)
You can use gift funds for down payment & closing costs for owner occupied, primary residences.
3% seller contribution allowed
Cosmetic and structural renovations allowed
Allowable improvements can include landscaping, appliances, swimming pools, septic, well, mold remediation and more.
Finance up to 6 months of your mortgage payment.
For more information, questions or possible scenarios, please contact your renovation loan specialist.