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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

New Fannie Mae Home Style Renovation Program

Fannie Mae Home Style 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

Miller Mortgage now offers a new "Fresh Start" program

The Fresh Start portfolio product is designed to help borrowers buy or refinance a home after having been forced into bankruptcy or foreclosure, but have since rebuilt their credit. Fresh Start offers the following features and benefits:

Why should you buy instead of rent?

A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours.

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