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Fannie Mae Homestyle Renovation

The FHA 203k renovation mortgage has a conventional counterpart- Fannie Mae Homestyle Renovation and this loan, based upon your situation, might be another option to help Americans buy or refinance and renovate our aging housing stock.  There are many benefits to using this loan and we will list those below- however please keep in mind that your licensed mortgage originator should do a full analysis to see which renovation product is right for you and your family.

Here are some highlights of the Fannie Mae Homestyle Renovation Mortgage:

  • Perform almost any type of improvement or repair including luxury items
  • Improvements and repairs can go up to 50% of the after improved value
  • Primary residences, second homes and investment properties
  • One- to four-unit homes, condominiums, and PUDS
  • 30 year fixed rate mortgages
  • As little as 5% down
  • No mortgage insurance for loans with 20% equity
  • Reduced mortgage insurance for loans with less than 20% equity versus a 203k
  • High balance loans up to $625,500 depending on your county

Swimming pool and outdoor kitchen

Some of the eligible improvements include:

  • Additions and second levels
  • Swimming pool
  • Exterior spa or sauna
  • Built in BBQ island and outdoor kitchen
  • Built in outdoor fireplace
  • Tennis courts
  • Generator
  • and really anything else you can think of!

For more information, fill out the form below and download our FREE Homestyle Renovation Loan Buyers Guide