Fannie Mae HomeStyle® Renovation

The Fannie Mae HomeStyle^® Renovation Mortgage option provides a convenient and economical way for borrowers considering moderate home improvements to make repairs and renovations with a single-close first mortgage.

The Fannie Mae HomeStyle^® Renovation Mortgage is a single-close loan that enables borrowers to purchase a home that needs repairs, or refinance their existing home and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home. There are no required improvements or a minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property.

• Renovations and repairs up to $200,000
• There maybe a period during renovation where the home may be uninhabitable as determined by the HUD Consultant
• Repairs must be non-structural (see ineligible repairs on program matrix)
• Eligible property types:
  • 1-4 Unit Primary Residences
  • 1 Unit Second Homes
  • 1-Unit Investment
  • FNMA Approved Condos
  • PUD’s
  • Multi-wide Manufactured Homes