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HomeStyle Fix Up Loan

 

Fannie Mae HomeStyle Program

Many are unaware that Fannie Mae offers a rehab loan for borrowers that want to buy a work in progress but don't have the cash to fix it up.  Savy buyers know that less than perfect properties can often times be bought at bargin prices.  However, this loan can also be used to add a pool/spa or other luxury items for a home that is already perfect.  Below are so key highlights to the HomeStyle Program:

  • Allows the borrower to obtain a single loan to purchase a property or refinance an existing loan and complete construction/repairs/improvements after loan closing using the “After-Improved” value of the property. 
  • No minimum dollar amount for repairs. Renovation/repair costs allowed up to 50% of the “After Completed” value of the property.
  • All improvements must be permanently affixed to the property and add value. Appliances must be built-in; free standing appliances are not eligible.
  • Luxury items are eligible (e.g. swimming pools, spas, tennis courts, etc.)
  • All renovation work must begin within 30 days of loan closing. The work cannot stop for more than 30 days during the renovation process and must be completed within 6 months of loan closing.
  • An escrow account is established and funds are released as work is completed. A maximum of 5 draws are allowed.
  • The borrower is not allowed to receive any cash-back on this program on either a purchase or refinance transaction.

    Get Approved Today 

Call Today:

480-553-5555

 

Interstate Mortgage Service, Inc. NMLS #89235
25062 South 190th Street, Queen Creek, AZ  85142
Office:  (480) 553-5555
ryan@interstatemortgage.net
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