renovation

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

Non-Owner Occupied Renovation Loans

Do you know what Non-Owner Occupied renovation Loans are? Here's a scoop:

1) 85% of after improved value on purchase transactions.

2) Borrowers can have up to 4 financed properties.

3) No minimum repair amount

4) SFR, PUDs,Condos (attached or detached)

5) Credit Score

6) 1-unit allowed

7) Improvements must be permanently affixed and add value to the property.

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