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Fannie Mae's Renovation Loan
Fannie Mae’s renovation loan program - the
HomeStyle® loan - is quickly becoming popular in the higher
priced home markets. With loans up to $359,650 on 1 unit properties,
this is an ideal program for many rehab projects.
With more people purchasing older homes in need of repair and
renovation, or choosing to improve or enlarge their current homes, there
is an increasing need for mortgages that combine the cost of purchase
and renovation. Fannie Mae's HomeStyle® mortgage allows
you to do just that.
With the HomeStyle® mortgage, you can finance your new
home and renovation at the same time and with one loan. This loan is
based on the amount that the house will be worth after the renovation is
completed.
With the HomeStyle Mortgage, home buyers can complete
improvements or repairs and borrow up to 95% of the home’s
“after-improved” value.
With the HomeStyle Mortgage, home buyers can complete
improvements or repairs and borrow up to 95% of the home’s
“after-improved” value or 95% of the acquisition cost for 1 and 2 unit
properties And 80% of the acquisition cost for 3 and 4 unit properties .
Investors can finance 1 and 2 unit properties with loans up to 80% for 1
unit properties and 70% for 2 unit properties.
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