Port St Lucie HomeStyle Mortgage (772) 340-4003 - What is a HomeStyle Renovation Mortgage?
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HomeStyle Renovation Mortgage

What is a HomeStyle® Renovation Mortgage?

 

mortgage - happy family at home

 

The HomeStyle Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home.

 

 

Summary

 

A HomeStyle® Renovation Mortgage provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

 

 

Benefits to Borrowers

 

  • 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 105% with eligible Community Seconds® subordinate financing
  • Loan amount based on “as-completed” value of the home or the cost basis (purchase money loans), whichever is less.

 

 

More Information on a HomeStyle® Renovation Mortgage

 

Fannie Mae
HomeStyle® Renovation Mortgages: Loan and Borrower Eligibility

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