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
· Projects may include room additions, major landscaping and site improvements, remodeling, major structural alterations, well/septic addition or repair, basement finishing/waterproofing, permanently affixed (built-in) appliances, window/door replacement, etc.
· Luxury items are allowed (e.g. swimming pool/spa, barbeque islands, outdoor kitchens, outdoor fireplaces, satellite dishes, tennis courts, etc.)
· Work must be completed within 6 months of closing
Miller Mortgage, LLC.
877-538-7967 (toll free)