HomeStyle® Renovation

Whether you're saving a deal with repair contingencies or helping to update a home to meet your client's evolving needs, HomeStyle Renovation can be a powerful product offering, allowing you to finance home improvements with a conventional mortgage.

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Give borrowers the option to renovate and rehab a new or existing home by including financing in their conventional purchase or refinance home loan. LTV is calculated taking the proposed project into account, giving borrowers more purchasing power and more options to make their home their own.

Why HomeStyle Renovation?

HomeStyle Renovation can make the difference between a house and a dream home, or a house that’s desperately in need of repairs and a home that’s habitable.

HomeStyle Renovation loans are:

  • Simple – With standard pricing and conventional execution, loan funds can be delivered even before the project starts (subject to lender approval).
  • Flexible – Updating a bathroom? Adding a mudroom? Replacing a roof? HomeStyle renovation can be used on any renovation project and can help save deals that have repair contingencies, up to 97% LTV or 105% CLTV with eligible Community SecondsTM financing.
  • Affordable – Renovation costs may be approved up to the lesser of 75% of the purchase price plus renovation costs or the as-completed appraised value, and competitive rates that may be lower than a home equity line of credit (HELOC), personal loans, or credit cards.*

Get Started with HomeStyle Renovation

Bundle the Benefits

Combine HomeStyle Renovation with other Fannie Mae offerings to give borrowers more benefits:

  • HomeStyle® Energy: If energy or water efficiency upgrades, or resiliency upgrades, are part of your borrower's renovation plans, bundle your HomeStyle Renovation loan with HomeStyle Energy to qualify for a $500 LLPA adjustment credit.
  • HomeReady®: Our low down payment mortgage has lower rates and cancellable mortgage insurance (restrictions apply). Combine this mortgage with HomeStyle Renovation to make financing renovation projects even more affordable.

Become an Approved HomeStyle Renovation Lender

Deliver renovation loans prior to project completion by becoming an approved HomeStyle Renovation lender. Get started by completing form 1000A or contact your Fannie Mae customer account team to learn more.

*Delivering loans post-completion does not require special approval.

Forms

Form Title
Form 1035 HomeStyle Renovation Maximum Mortgage Worksheet
Form 1204 HomeStyle Renovation Consumer Tips
Special Purpose Documents Find model legal documents that have been developed for a special purpose.
Riders and Addenda A list of model riders and addenda to the security instrument.

*For manufactured housing, the eligible renovation funds capped at the lesser of $50,000 or 50% of the "as-completed" appraised value.