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

 

Chris Miller

Manager

Miller Mortgage, LLC.

978-535-1822 (office)

866-289-7495 (fax)

877-538-7967 (toll free)

http://www.MillerHomeLending.com


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