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Fannie Mae HomeStyle Renovation Program

March 13th, 2016 3:28 PM by Sam Kader

The program allows borrowers to combine the purchase of a home with the costs to renovate (not eligible for escrow hold back) the subject property extensively at closing. Funds for renovation will be escrowed in an interest bearing account. Upon completion, any remaining funds will be used to pay down the principal balance of the mortgage. Soft costs such as architectural services, engineering and permit fees may be financed.

  1.  FICO score 700 - 5% down payment is required on owner occupied for Single Family Residence, Condo and Planned Unit Development (PUD).
  2. FICO score 680 - 20% down payment is required on owner occupied and second home for Single Family Residence, Condo and Planned Unit Development (PUD).
  3. FICO score 720 - 25% down payment is required on investment property.

Renovations costs up to $80,000.

  • Project review must be completed and a copy of the builder's contractor license and liability insurance must be submitted.
  • Additional costs are show below:
  1. One draw = $645
  2. Two draws = $760
  3. Three draws = $875
  4. $150 for final inspection
  5. $150 for final title update.

Renovations costs above $80,001 - please inquire with with me. 




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