Homestyle® Renovation

Homestyle^® Renovation

Maybe you've found a fixer-upper in the perfect neighborhood. Or you want to update the home you've lived in for years. You see the potential, but aren't sure how to pay for the costs. The HomeStyle Renovation could be your all-in-one solution. This program combines a home purchase or refinance with home improvement financing n one loan with one closing. These funds are used to cover the cost of repairs, remodeling, or renovations to the property.

Eligible –

Health, safety, livability, structural and luxury renovations

+ Must be permanently affixed to the property and add to its value

Work must be done by a licensed bonded contractor

Swimming Pools
Outdoor Kitchens
Landscaping
Add-on to home or garage
New kitchen/bathrooms
New windows, doors, insulation, floor coverings
New furnace, central air/heat, hot water heater
New built-in appliances
Roof replacement
Repair structural damage

Ineligible –

No DIY work allowed

Conventional loan with as low as 3% down payment – Lower than FHA’s 3.5% minimum
Loan amount based on the home’s as-completed value or cost basis
Renovations can cost up to 75% of the home’s after-improved value
Up to 6 months of payments can be financed if home is uninhabitable during renovation
Available for owner-occupied primary residences, second homes, and investment properties

Primary residence, second home, and investment properties
Maximum loan-to-value (LTV) 95% when allowed for property type
Minimum 620 credit score for primary second home

Homestyle® Renovation

Renovations & Repairs

Highlights

Eligibility and Requirements

Loan Types

Homestyle^® Renovation