HomeStyle® Renovation Mortgage


The HomeStyle® Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home. HomeStyle Renovation provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

 

The Fannie Mae HomeStyle® program, enables borrowers to either purchase or refinance their home while including rehabilitation costs in the same loan. This program offers the borrower the ability to finance the cost of a rehab project ranging from a simple remodel through structural improvements and upgrades including luxury items. 
 

  • Up to 95% LTV of the “as-completed” value 
  • Credit scores as low as 620 
  • Owner occupied 1-4 units, condos, SFR, PUDs; 1-unit second home and investment property 
  • No minimum repair amount 
  • Use for improvements to out-dated homes, structural deficiencies, additions and expansions. Upgrade bathrooms, kitchens and outdoor living space; including built-in outdoor kitchens, BBQs, fireplaces and swimming pools. 
  • A Licensed Construction Inspector is required for inspections and can help the project run smoothly. 
  • Improvements must be permanently affixed to the real property and add value to the property 

Give us a call today at 972-723-2611!
 
 

Free Consultation

Complete this 30 second form to receive a no obligation consultation. We will analyze your situation and determine the best solution.

Free Newsletter Signup

Need More information

Call Us: (972) 723-2611

Email Us: info@mamsw.com

 

Licensing Info:

NMLS # 317299

RMLO # 222329

 "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
 THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
 

 

Overlay logo + Eye Catcher