What is a Fannie Mae HomeStyle Loan?
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. If you are looking to buy a home in Eureka, McKinleyville, Arcata or Fortuna as well as the entire state of California, contact us today at 707-445-3027 or fill out quick quote.
Advantages of a HomeStyle Loan
- Up to 95% LTV of the “as-completed” value
- Enables borrowers to either purchase or refinance their home while including rehabilitation costs in the same loan.
- Use for improvements to out-dated homes, structural deficiencies, additions and expansions. Upgrade bathrooms, kitchens and outdoor living space; including built-in outdoor kitchen, BBQs, fireplaces and swimming pools.
- Owner occupied 1-4 units, condos, SFR, 1-unit second home and investment property
HomeStyle Loan Eligibility
- Minimum 5% Down Payment
- Minimum Credit Score 620
- A licensed construction inspector is required for inspections
- Improvements must be permanently affixed to the real property and add value to the property
Qualify for a Fannie Mae HomeStyle Loan Today
If you are are seeking a renovation mortgage in Eureka, Arcata, McKinleyville, Fortuna or anywhere in California we can help. We are committed to helping California realize the dream of home ownership. For more information on HomeStyle loans or how to get started contact us today at 707-445-3027 or fill out the quick quote.