The Home Style Renovation mortgage provides a simple and flexible way for borrowers to renovate or make home repairs with a conventional first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing.
As announced in Selling Guide Announcement SEL-2018-02, we’ve simplified and expanded eligibility for Fannie Mae home style rehab loan better known as conventional home style rehab loan. Home Style Renovation to help lenders better meet the needs of today’s borrowers. The best inspectors for Home Style program is the FHA inspector. Enhancements include:
* For LTVs > 95%, on purchase transactions, the borrower must be a first-time homebuyer unless combined with Home Ready®; for limited cash-out refinance transactions, the loan must be owned or securitized by Fannie Mae.
Get answers to your policy and guide questions, straight.