The HomeStyle Renovation program allows borrowers to obtain a single loan to purchase a property or refinance an existing loan and complete renovations/repairs/improvements after loan closing using the “After-Improved” value of the property.
· No minimum dollar amount for repairs. Renovation/repair costs allowed up to 50% of the “After-Improved” value of the property
· Mortgage amount based on the projected value of the property with all work completed
· Improvements must be permanently affixed to the property and add value