HomeStyle® Renovation Mortgage
HomeStyle Renovation combines home purchase or refinance with home improvement financing in one loan with one closing.
HomeStyle Renovation Mortgage provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method.
The funds can be used for any repairs or renovations that are permanently affixed and add value to the property. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.
Lenders must be approved by Fannie Mae to offer this product. HomeStyle Renovation Mortgages can be manually underwritten or submitted through Desktop Underwriter.
Homestyle are Fannie Mae's version of the FHA 203K rehab loan program.
The Foster Advantage makes sure your project is protected against contractor misrepresentations or calculations by providing the correct calculations to renovate your home both per industry standards, bank specifications, and market value. The Foster Advantage ensures the bank is loaning you the correct amount of money to complete your project and many times this consultation or second pair of eyes is required by the bank in order to complete your project.
Please review the information on the 203K Consultation Tab right here on this website. Thank you.