In my last blog post I touched on the HomeStyle® Renovation Mortgage. A program available for home buyers or investors who need to make renovations to a home.
A HomeStyle Renovation Mortgage is available to buy or refinance a home (with up to four units) that you will live in as your primary residence.
Instead of financing the renovation with a second mortgage or home equity loan, you get the lower interest rates of a first mortgage and only have to pay for one mortgage closing. And with a HomeStyle Renovation Mortgage, you can borrow an amount based on the value of the home after the renovations are finished, so you know you will have the funds available to do the job right. For borrowers considering major home improvements, this option provides an effective and affordable way to leverage the future value of a home with a single-close first mortgage.
If you are an investor who is considering purchasing a property that is currently owned by Fannie Mae that is in need of a little work – the Fannie Mae Home Style renovation mortgage (a close cousin to the Fannie Mae HomePath renovation mortgage) is the loan program designed for you.
At closing, all funds for renovation will be escrowed in an interest-bearing account. After all renovation work is complete, any remaining funds in the escrow account will be used to pay down the principal balance of the mortgage.
If this is of interest to you, I can help with finding a Fannie Mae lender partner in your area and find Home Path Properties in the San Luis Obispo County Area. I have the tools and resources to get you a home today. Let me be your Realtor of choice.
I am also available via email for any questions you may have about this or any other program. I look forward to helping you make smart choices.
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