All about Fannie Mae Homestyle loans

Are you looking for loan to renovate your home? If so, look no further, and collaborate with a professional Renovation Loan Consultant who will guide you with different types of home style renovation options that best fit your requirements.

Homestyle renovation loan gives the borrowers the flexibility to meet their needs, the potential to enhance purchase and refinance loan production and save repair contingent deals.

Benefits of choosing homestyle renovation loans

Homeowners are renovating like never before. Thanks to the homestyle renovation loans! These kind of loans provide funds for a wide range of renovation projects. A homestyle renovation loan can make help the owner restore their older home to its former glory. 

What are Fannie Mae homestyle loans?

Fannie Mae Homestyle Loans are a kind of mortgage or rehab loan. It enables the home buyers to borrow both purchase price of potential home and the renovation costs and club both up into one mortgage loan.

The loan is designed for all those borrowers who are looking to buy a home or do a rate-and-term refinance with renovation costs built-in to the loan amount. The main point in this loan is that the appraisal contemplates the home value after renovations are complete.

Fannie Mae homestyle loans is a great option for homebuyers and homeowners to manage the cost of renovating a fixer-upper home into one loan. The homestyle loan program is more complex than the conventional home loan.

This home loan allows the borrower to

1. Make a down payment as low as 3%

2. Borrow a loan amount based on home’s estimated value after renovations

3. Renovate the home you are buying or you already own

4. Roll the mortgage payments into loan in case you cannot live in the home during renovations

5. Finance fix-up costs for one to four unit homes, condos, investment properties and manufactured homes 

Wrap up

Now renovation of your home is easy, thanks to various homestyle loans offered to the home owners. Collaborate with a professional loan expert who will help you avail the homestyle loans at the best price.