HomeStyle Renovation Loan

A HomeStyle Renovation Loan enables borrowers to finance repairs/upgrades to their home.  Both optional and appraiser required repairs are acceptable.  HomeStyle is a Fannie Mae Conventional Loan.

General Renovation Loan Options

General Renovation Loan Options

Benefits of a HomeStyle Reno Loan:

  • Low Down Payment
  • Available for Purchases or Refinances
  • Finance Required Repairs
  • Finance Upgrades/Renovations
  • Competitive Interest Rates
  • Finance Repairs up to 50% of improved home value
  • No Pre–Payment Penalty
  • Complete Repairs after loan closes

HomeStyle Eligible Repairs

HomeStyle Reno eligible repairs may include but are not limited to the following:

  • Kitchen Appliances
  • Upgraded Flooring
  • Upgraded or Additional Cabinetry
  • Adding Square Footage
  • Upgraded or Additional Counter-tops
  • Bathroom Remodel
  • Landscaping Improvements
  • Outdoor Living Areas

Maximum Amount To be Financed

HomeStyle Reno Loan allows borrowers to finance up to 50% of the home’s improved value* for repairs 
 *improved value equals the value of home after pool is built or repaired

Minimum Down Payment on a HomeStyle Loan

Contact us for more information on minimum down payment required.

The down payment for a HomeStyle home loan is a 2 step calculation:
Step 1: Purchase Price + Cost of Repairs + Contingency = Total Cost to Borrower
Step 2: Total Cost to Borrower x min down payment % = Down Payment Required 

Time to Complete Repairs/Upgrades

The HomeStyle Reno Loan allows up to 120 days after closing for repairs to be completed.  Time clock starts on the date the loan closes.   Exceptions to the 120 day rule granted on a case by case basis.

Contractor Regulations

The HomeStyle program allows of up to 3 contractors.  The contractor(s) cannot be a family member, realtor/loan officer involved in the transaction or the borrower’s employer.

Contractor(s) must be approved by PrimeLending.  Documents needed to review a contractor include:

Other Renovation Loans

Build or Repair a Pool Reno Loan
FHA 203k

VA Escrow Holdback
FHA Escrow Holdback
USDA Escrow Holdback

Contact The HOUSE Team with any questions and to learn more about how a HomeStyle Renovation home loan can help you fix and upgrade your new home!

Team Phone:  602.435.2149
Team Email:  Team@JeremyHouse.com

By Jeremy House
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