The HomeStyle® Renovation Loan by Fannie May program allows a borrower to renovate, repair, or improve a home or investment property.
What is a HomeStyle® Renovation Loan?
The HomeStyle® Renovation loan combines a home purchase or refinance with home improvement financing in one loan with one closing. HomeStyle® Renovation loans let you customize a home to your liking or make needed repairs as long as they are permanent to the property and add value.
What are the benefits of a HomeStyle® Loan?
- Cost effective way to renovate or improve a property
- Make renovations, repairs or improvements totaling up to 50% of the as-completed value of property with first mortgage
- No minimum renovation amount
- Fixed and adjustable rate options
- Private mortgage insurance
HomeStyle® Renovation Eligible Properties
- 1-4 family primary residences
- Second homes
- 1-unit investment property
- Log homes
*HOMESTYLE RENOVATION IS A REGISTERED TRADEMARK OF FANNIE MAE. HOMEREADY IS A REGISTERED TRADEMARK OF FANNIE MAE.