Fannie Mae Renovation Loan – San Fernando Valley & Los Angeles

*Before you pay expensive fees and high interest rates on a Private Hard Money loan, consider the following.

Fannie Mae Homestyle Program

Renovation Loans For Los Angeles Buyers are available such as the Homestyle purchase and renovation loan. With as little as a 5% down payment you can add your taste & style to a house. Renovation funds for kitchen, bathroom, room addition or energy efficient upgrades. Luxury items such as swimming pools are allowed.

HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home. Available for primary, 2nd homes and investments!

As low as 5% minimum down payment for primary, single-family residences (10% for second homes).

You can use gift funds for down payment & closing costs for owner occupied, primary residences after you contribute a minimum 3% down payment.

3% seller contribution allowed

Cosmetic and structural renovations allowed

Allowable improvements can include landscaping, appliances, swimming pools and more.

You can also use it as a refinancing tool to refinance an existing mortgage and borrow funds for the improvement or repairs to the home you currently own. Funds used for renovation under this program are capped at 50% of the completed value of the home.

Homestyle® Features:

Loan amount based completed value but capped at the current Fannie Mae loan limits. High Balance allowed.

Reasonably good credit and verifiable income required.

Virtually unlimited on types of repairs but funds for renovation are capped at 50% of the completed value of the property.

Second homes and investment properties allowed (some limitations apply).

Fixed 30-yr or 15-yr.

Can finance up to six months of mortgage payments for owner-occupied properties to cover non-occupancy costs during construction. For example, if you have to spend six months renting an apartment while your home renovation takes place, you can roll those expenses into your loan amount.

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