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The HomeStyle® Renovation Mortgage permits borrowers to include financing for home improvements in a purchase or refinance transaction of an existing home. HomeStyle® Renovation is a financing option offered through Fannie Mae.
According to Fannie Mae: The HomeStyle® Renovation Mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodelling, renovations or energy efficient improvements to the property.
There are no required improvements or restrictions on the types of repairs allowed but there is a $5,000 minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property.
When HomeStyle® Renovation is used for energy-related improvements, borrowers are required to obtain an energy report to identify recommended energy improvements to the property and the estimated cost savings associated with those improvements.
Essentially, HomeStyl®e Renovation is a solution to the current problem in housing that home buyers often see: finding houses that aren’t yet “home:’You can buy a house with potential and turn it into your home with your style, without breaking the bank. With low down payment you can finance the purchase and remodelling of your dream home.
With a low down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle® Renovation allows you to buy a home and fix It up, or refinance and remodel your current home.
• Purchase or refinance & remodel
• Low down payment for primary, single-family residences (10% for second homes)
• You can use gift funds for down payment & closing costs for owner occupied, primary residences
• 3% seller contribution allowed (owner occupied)
• Allowable improvements can include landscaping, appliances, rehab of swimming pools and more
• Cosmetic and structural renovations allowed
• Cost – effective way to renovate or improve a home
• Single mortgage means lower closing costs and typically a lower interest rate on a first mortgage
• Borrowers can qualify for ClTV of up to 95% loan to value
•Your family is growing and you need more room
• You get to stay in school districts you love
• You can add a 2nd story, which would increase your home’s value
• You get to keep your neighbors
• You can update your kitchen or bath
HomeStyle® Renovation Mortgage Loan is less flexible then a 203K. You need Higher FICO Scores and Lower debt-to-income ratios.The HomeStyle® Renovation Mortgage enables a borrower to obtain a purchase mortgage or a remodel refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property. With as little as a 10% equity you can add your taste & style to a house to make it your home with remodelling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle® Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.
11622 El Camino Real, Suite 100 San Diego, CA 92130
Carl Spiteri | NMLS ID 286890
Phone: 619.544.6444
Office: 858.526.3037
eFax: 800.670.0929
Ark-La-Tex Financial Services, LLC NMLS ID 2143
Carl Spiteri | NMLS ID 286890
Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. NMLS ID #2143 (www.nmlsconsumeraccess.org) 972-398-7676. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. (https://benchmark.us)
