HomeStyle® Renovation Mortgage
Finance Your Home Purchase and Renovation with One Loan
The HomeStyle® Renovation loan is a conventional mortgage program that allows borrowers to finance home improvements, repairs, or upgrades at the time of purchase — or through a refinance of their existing home.
Rather than obtaining a separate construction loan or home equity line of credit, this program combines the home purchase (or refinance) and renovation costs into a single mortgage.
Borrowers may finance improvements up to 75% of the property’s “as-completed” appraised value.
Flexible Renovation Options
HomeStyle Renovation financing can be used for a wide range of projects, including:
Kitchen and bathroom remodels
Structural repairs
Room additions
Energy-efficient upgrades
Accessory dwelling units (in-law suites or basement apartments)
Design updates and cosmetic improvements
Key Advantages:
Flexible Use
Available for both purchase and refinance transactions, allowing improvements to be completed immediately rather than years down the road.
Competitive Financing
Interest rates are typically lower than credit cards, personal loans, or some HELOC options.
Simple Structure
Standard conventional pricing and underwriting guidelines apply. The loan can close before renovations begin, and once the project is completed and validated, it may be eligible for representation and warranty (R&W) relief under applicable guidelines.
The HomeStyle Renovation program is ideal for buyers who find a home with great potential — or homeowners looking to modernize without moving.
If you’re considering a renovation and would like to explore whether this program fits your financial strategy, I would be happy to review your options.
For more information please click link below.
https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-overview.pdf