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Fannie Mae’s HomeStyle Renovation Loan is a conventional loan with the ability to allow you as the homeowner or buyer to make the necessary repairs, upgrades or remodel to any residential home – All consolidated into one convenient loan. This loan was rolled out to compete with FHA’s 203k repair loan, yet with less limitation and restrictions. With the HomeStyle Renovation Loan you can repair or remodel anything you need to as long as it is attached to the existing home. You can even include adding in a pool and/or a fence. With FHA 203k you simply cannot.
There are many reasons why the HomeStyle Renovation Loan can be a great loan to either remodel the home you already own or add on to that home you’re looking to purchase that doesn’t quite have everything you need. Either way, it’s the perfect loan to allow you to add your personal stamp and make the statement you’ve always wanted to make with where you live.
Sometimes the only renovation you need here in Florida is a pool installation. The Fannie Mae HomeStyle Renovation Loan allows two ways you can finance a pool.
Sometimes the term “Renovation” scares people into thinking long, grueling project. However, consider some of the Key Benefits to a Renovation Loan:
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