If you are seeking financial assistance while renovating or rehabbing an existing home, the Fannie Mae HomeStyle® Loan Program may be your best choice. If you’re looking to renovate your home in Houston Metroplex cities, including but not limited to Pearland, ClearLake, Santa Fe, Dickinson, Friendswood, DeerPark, Galveston, The Woodlands, Kingwood, Humble, Atascocita, Baytown, Cypress, Katy, Sugar Land, Richmond, just to name few, or anywhere in Texas or Louisiana, contact LaVerne at HomeTown Lenders about HomeStyle® Loans today!
What is the HomeStyle® Program?
The Fannie Mae HomeStyle® program is a renovation loan product that allows either minor or major repair projects when purchasing a new home or rehabbing an existing home without doing a home equity loan or obtaining a second lien. Although this program is available nationwide, it is particularly useful for homes in Houston. This product can be used for primary, second homes, and investment properties. Manufactured homes are not eligible. Limited Fannie Mae HomeStyle total projects cost cannot exceed $15,000. If the project exceeds this amount the project is considered as a standard project that will include 5 draws and will require a HUD Consultant.
What Properties are Eligible for HomeStyle® Loans?
Any type of renovation or repair is eligible as long as it is permanently affixed to the property and adds value. Renovation cost can be up to 50% of As-Completed value. The loan to value is based on the lessor of “as-completed” appraised value or purchase price + renovation cost. There are no required improvements and no minimum dollar amount for the repairs.
Benefits of HomeStyle®Loans
There are many benefits of the HomeStyle® Program.
- Cost-effective way to renovate or improve a home
- As little as 5% down payment
- Having only one mortgage means you have lower closing costs
- Having a single mortgage means you typically have a lower interest rate on your first mortgage
- HomeStyle® Loans are available for primary homes, second homes, and investment properties
- HomeStyle® Loans can be used purchase or refinance
What is Process of a HomeStyle® Loan?
There are several steps to getting a HomeStyle® Loan.
How to Get a HomeStyle® Loan
Call LaVerne St.Mary with HomeTown Lenders today! 832-253-3966.**
** Products, Programs and Guidelines subject to change with notice.