Realize a home’s potential- Consider a Fannie Mae
HomeStyle Renovation Mortgage
Why pass up a house that needs a little updating when it may be right for you? The Fannie Mae HomeStyle Renovation Mortgage allows you to combine the cost of the home with the renovation and remodeling costs and finance it all in one loan.
Benefits of a HomeStyle Renovation loan:
- Finance your home and renovation costs with one low down payment
- Use to finance your soft costs (architectural services, engineering, permits, etc)
- 95% financing available on Single Family Owner Occupied homes
- 80% financing available on 2 Family Owner Occupied homes
- 75% financing available on 3-4 Family Owner Occupied homes
- 80% financing available on Single Family Vacation homes
- 85% financing available on Single Family Investment homes!!
At closing all of the funds for renovation will be held in an escrow account for future draws to pay for the improvements in stages throughout the project.
You might consider the HomeStyle Renovation loan over the FHA 203(k) if;
- If your credit score is 680 or higher
- If your down payment is 5% or more
- If the home you are financing will be a single family, vacation or investment property
Both the Fannie Mae HomeStyle and the FHA 203(k) are excellent options when there is a need to combine acquisition and renovation costs into one loan closing. Your American United lending professional can help you determine which option is best for your project.
Call or email an American United Lending Specialist today to review your home renovation and rehab options!