FNMA HomeStyle Renovation Mortgage
The HomeStyle Renovation (HSR) mortgage provides a convenient
and economical way for borrowers considering moderate home
improvements to make repairs and renovations with a single-close
first mortgage, rather than a second mortgage, home equity line of
credit, or other, more costly methods of financing.
Product Overview:
The HomeStyle Renovation is a single-close loan that enables borrowers to purchase a home that needs
repairs, or refinance the mortgage on their existing home and include the necessary funds for renovation
in the loan balance. The loan amount is based on the “as-completed” value of the home rather than the
present value. Loan Purpose Purchase or limited cash-out refinance.
Work Sheet
FHA 203k Renovation Mortgage
The FHA 203(k) loan lets you purchase or refinance and rehabilitate
a property with one loan closing. The projected rehabilitation costs
are held in an escrow account and disbursed as work is completed
and inspected. The loan amount is based on the lower of the projected
market value following repairs or purchase price plus renovation costs.
Investors Renovation Mortgage
The Loan Program lends money to investors to buy and
rehabilitate investment property with one loan closing.
.
The loan amount is based on;
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90% LTV of the purchase price. (10% Down)
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95% LTV of the repair cost. (5% Down)
Investors Line Of Credit
This Program is a line of credit investors can use to
buy and rehabilitate investment property. The loan
amount is based on;
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5 Times your liquid assets
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Minimum liquid assets is $50,000.00
