Richmond, VA (July 9, 2018) – LenderSelect Mortgage Group announced their community lenders will now be able to offer Fannie Mae HomeStyle® Renovation loans. The loan is available to borrowers to finance the purchase or limited cash out refinance of a home and include the cost of repairs and improvements in a single mortgage. This could be a good option for your borrowers who want to buy a house and make the renovations necessary to turn it into their dream home.
“Fannie Mae’s HomeStyle renovation loan is a great option for any renovation project being considered. While it does require better credit scores than some other programs, HomeStyle allows renovations on primary residences, second homes and investment properties with no limitations on what types of improvements can be financed,” said Senior Vice President of LenderSelect, Steve Bittner. “If mortgage insurance is required it is cancelable once the LTV drops below 80% and HomeStyle can also be used in conjunction with HomeReady for a 97% final loan.”
- Maximum Loan-to-value:
- 97% for primary residences, 1 unit (LTV reduced for 2-4 units)
- 75% for investment properties, 1 unit only
- 80% for second homes, 1 unit only
- Minimum credit score:
- 680 for primary or second homes (700 if self-employed)
- 720 for investment properties
- Maximum renovation amount:
- Limited Renovation Loan: $35,000
- Standard Renovation Loan: No maximum renovation amount, but the total loan amount cannot exceed conventional loan guidelines
For more information on the Fannie Mae HomeStyle® Renovation loan, please contact LenderSelect at (808) 977-2393 or at email@example.com.
Additional program and lender restrictions may apply. Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. For refinances, the total finance charges may be higher over the life of the loan. Private mortgage insurance is required for LTVS greater than 80%. Communication is intended for real estate professionals only and not intended for distribution to the general public. Located at 804 Moorefield Park Drive Suite 102 Richmond, VA 23236. LenderSelect Mortgage Group is a registered trade name (DBA) of Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) | Equal Opportunity Lender.