The HomeStyle Renovation Loan
If you are interested in items that FHA does not allow, like a swimming pool, detached garage or gazebo? We can help. One application. One closing. One set of fees. This is the Fannie Mae Homestyle Renovation loan, which allows you to perform all of the same renovations as with the FHA 203(k) loan, but without all of the limitations the FHA guidelines has. All costs can be financed up to 95% loan to value on a principal residence, or 90% loan to value on a secondary home. The reality is that some homes are uninhabitable during renovation. The great news is that this program allows you to finance up to 6 mortgage payments into the loan while anticipating the habitable condition of the home (restrictions apply).