Home Purchase Renovation Loans
The Homestyle Renovation Loan or “rehab loan” is a type of loan that allows you to borrow both the purchase price plus any renovation costs all tied together in one mortgage. This program even lets you put as little as 3% down.
A Fannie Mae Homestyle Loan is not the same as a construction loan, which is used to create a whole new home. The HomeStyle Renovation loan, on the other hand, is for house buyers who want to renovate an existing structure and pay off the renovation as part of their monthly mortgage payment.
What The of Properties Are Eligible?
- Single-family detached home
- Condo unit/Co-op unit
- Duplex, triplex or quadruplex
- One-unit second home
- One-unit investment home
What Type of Renovations are Covered?
There are a slew of modifications that could boost the value of your home. The good news is that the Fannie Mae HomeStyle loan has few restrictions on what the renovation money can be used for, as long as the work is permanent and adds value to the home. You can use a HomeStyle loan for just about anything, from simple improvements like painting and flooring to large-scale rehabs or extensions, as long as the repairs are done within twelve months of the loan’s inception. Projects like these:
- Smaller home on same property
- Kitchen/bathroom remodel
- AC/Electrical upgrades
How Do I Get Started?
Please contact us directly at 888-249-7960 or fill out a prequalify form. Our experienced renovation loan officers will be happy to answer all your questions