The Homestyle Renovation Mortgage is a Conventional loan product that enables the borrower to include financing for home improvements into a purchase or refinance mortgage loan.
The underwriting requirements are similar to those of a typical Conventional loan. Eligible borrowers include individual home buyers and investors. The property need not be owner occupied to qualify for a Homestyle Renovation Mortgage. There are no requirements or restrictions on the types of repairs or remodeling allowed, even luxury improvements are eligible. The borrower may borrow up to 95% (90% for investment properties) of the future value of the home after renovations are made. Loans made at more than 80% of property value require Private Mortgage Insurance. Eligible property types for a Homestyle Renovation Mortgage are a 1-4 family home, a townhouse, an approved Condominium, or a Planned Unit Development.
To learn more about the Homestyle Renovation Mortgage or to apply, contact us today at 888-247-5757.