Fannie Mae HomeStyle Renovation Mortgage
- Offers a solution to help Borrowers obtain financing that covers both the acquisition and/or rehabilitation of the property
- Purchase and rate/term refinances available
- Renovation funds limited to a maximum of 50% of the After-Improved value of the property
- Improvements must be permanently affixed and add value to the property
- Can escrow up to 6 mo. PITI if property is uninhabitable during the renovation period provided certain requirements met
Key program highlights :
- Allows for repairs and improvements to be completed after closing for purchases and refinances via the establishment of an interest bearing escrow account
- Renovation funds are included in the loan balance
- Can borrow against the property value after improvements
- Avoid construction loans
- Increases property value and builds equity
- Combines the cost of the home and renovation into one low cost, single close mortgage
Purchases: Homes in need of major rehabilitation or are outdated and not desirable
- Perfect for HUD REOs, foreclosures, and short sales
- Improvements to outdated homes, kitchens, bathrooms, etc.
- Structural deficiencies
- Additions and expansions
- Addition of decks, pools, and improved landscaping.
Refinances: Make improvements
- Improve instead of move
- Necessary or optional major/structural repairs
- Both Purchases and Refinances: Save loans where the appraisal uncovers unexpected property damage.
- Structural alterations and additions
- Upgrade or modernization of central air/heat, plumbing, and electrical systems
- Install, repair or replace well and septic systems
- Repair termite or moisture damage
- Remodeling of kitchen and baths
- Energy conservation improvements
- New permanently affixed appliances
- Addition or replacement of exterior decks, patios, and porches
- Major landscaping and permanent hardscapes such as driveways, walkways, retaining walls and fences
As SIMPLE As 1, 2, 3!!
After You Identify Your Future Home
1. Notice What Needs To Be Repaired
2. Get Estimates From Contractors
3. Choose Appliances (if necessary)
That’s It! We Take Care Of The Rest!!
We simply add the total cost of repair to the price of the home and finance everything for you!!
- Minimum 3.5% Down!!
- Seller Contributions &
- Gifts Are Acceptable!!
FHA 203k Loans helps homebuyers to purchase an existing house and include the cost of its rehabilitation through a single mortgage. The minimum rehabilitation amount must be at least $5,000, with the total value of the prop-erty falling within the FHA mortgage limit for the area. There are 2 types of 203k loans. Please call to review your 203K options in detail.
- 30 or 15 year fixed rates
- One year ARMS
- Assumable to a qualified buyer, with no money down
- Single family dwellings
- Mixed Use (Storefront)
- 1-4 Unit buildings- you can increase or decrease the number of units with this loan.
Structural Alteration and Reconstruction:
Changes for improved functions and modernization Elimination of health/safety hazards
Changes for aesthetic appeal
Plumbing, heating air conditioning, and electrical upgrades Well and/or septic repairs
Roofing, gutters and downspouts
Flooring, tiling and carpeting
Energy conservation improvements
Major landscape work and site improvement
Access for the disabled
Plus Many More!