FNMA HomeStyle® Renovation Loan
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.
FNMA HomeStyle® Renovation Loan Basics
- Construction consultant required for structural repairs or repairs over $35,000
- 620 minimum qualifying credit score
- Repairs or improvements must be permanently affixed to the real property and add value to the property
- 30 year Fully Amortizing fixed term options
- No minimum dollar amount required for repairs