loan

Fannie Mae HomeStyle Renovation Program

 

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

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