FNMA Home Style Renovation

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