Help your borrowers buy a fixer-upper— and get it all fixed up.
Housing stock is aging into disrepair, with the median age of a home nearing 40 years old1. Meanwhile, new home construction is not keeping up with demand, as rising costs weigh on builders.
With a HomeStyle Renovation mortgage, your buyers have more ways than ever to get the home they really want.
1 2016 American Community Survey, National Assn. of Home Builders
- Simplicity. Renovation funds and purchase financing are bundled into a single conventional loan. Renovation funds can be delivered before the project starts, subject to lender approval.
- More purchasing power. Take the completed value of the project into account when determining the total loan amount.
- Competitive rates. Interest rates are typically lower than a home equity line of credit (HELOC), personal loan or credit cards.
- Flexibility. Plan virtually any upgrade, including updating a bathroom, adding a mudroom, landscaping, or replacing a roof, up to 97% LTV or 105% CLTV with eligible Community Seconds™ financing.
Want to know more?
Click the Ask Poli widget on the right for answers to all your HomeStyle Renovation questions, all in one place. For the best results, ask your question in a full sentence.
Become an approved HomeStyle Renovation lender
Complete Form 1000A or contact your Fannie Mae customer account team.
Note: Delivering loans post-completion does not require special approval.