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DIFFERENT LOANS for DIFFERENT NEEDS
Whether you want to Purchase a Home to renovate OR renovate Your Current Home, we have a great loan program to meet the need.
LET’S DO IT TOGETHER!
FNMA HomeStyle
Fannie-Mae (FNMA) allows borrowers to purchase or refinance a house and renovate, improve, add-on, and/or make luxury upgrades through its Homestyle loan. Renovations/improvements/additions can be up to 50% of the as-completed value of the home with just this single loan. As long as the renovations/improvements/additions are permanently affixed and add value to the property, the funds can be used for most anything.
Below are a few features of the FNMA Homestyle program:
- Purchase or Refinance
- Only 5% Down Payment required (purchase)
- Gift funds for down payment & closing costs allowed for primary residence, after minimum contribution of 3% down payment
- Borrower against home’s future value. Renovations can be up to 50% of home’s as completed value.
- 3% Seller Contribution allowed on purchase
- Cosmetic and rehabilitation renovations allowed
- Miscellaneous improvements allowed like landscaping, swimming pools, and more!
RENOVATION LOAN COMPARISON
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Purchase)*"
(Refinance)**
Home Equity Counts***"
(Down Payment & Cost)"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Most Minor Renovations/Remodels
Way too many individual project types to list here, but most anything “non-major” in nature that adds value is ok."
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Purchase)*"
(Refinance)**
Home Equity Counts***"
(Down Payment & Cost)"
After Improvement Appraised Value, or
Sales Price + Renovation Cost"
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
(Primary Residence)
(Primary Residence)
(Primary Residence)
(Primary Residence)
(1 Unit)
10% 2nd Home/Inv. Prop.
10% 2nd Home/Inv. Prop.
After Improvement Appraised Value, or
Sales Price + Renovation Cost
Most Anything
From major structural issues to new paint to whole room additions to landscaping, most any project type is acceptable.
* Purchase down payment percentage is relevant to home sale price, plus renovation costs.
** Refinance down payment percentage is relevant to mortgage balance, plus renovation costs.
*** Available home equity is “after improvement” appraised value, minus mortgage balance, minus renovation costs.
**** All Renovations must be approved.
CHECK OUT THE PROJECT TYPES PAGE
TO LEARN ABOUT THE MANY WAYS YOU CAN
TURN THAT HOUSE INTO A HOME
(888) 594-5799