FNMA Home Style Renovation-“It Would Be Perfect If It Only Had An Upgraded Kitchen…”
Sound familiar? If you’ve found a house that could be a dream home with a little more work, the FNMA HomeStyle Renovation loan from CrossCountry Mortgage will allow you to finance the home and improvements, all in one, fixed rate CONVENTIONAL loan!
- Max Repair Funds: Up to 50% of the as-completed value of the property
- No Mortgage Insurance with LTV of 80% or less. Max LTV: 95% (MI applies)
- Standard FNMA Credit Guidelines
- 1-4 unit owner occupied, 1 unit 2nd home
- Max Loan Amount: Lesser of purchase price (loan balance on refi) + total renovation costs or as-completed value x LTV* (*not exceeding confirming limit)
- Improvements & repairs must be permanently affixed to the property. Examples include:
- Interior work: Kitchen/bath remodel, theater, game room, room additions or opening up floor plan, painting, flooring, storage, updating syle
- Exterior work: In-ground swimming pool or spa, attached decks and landscaping, fencing, driveway or other attached structure
FNMA HomeStyle Overview
- Conventional Loan with no MI requirement (LTV’s 80% or less) Max LTV: 95% (MI) applies
- Perfect for short sales and foreclosures that need a lot of updates or repairs
- One loan. One closing. No home equity line.
- Renovation funds can be used for countless improvements and repairs.
- For Purchase or Refinance