Fannie Mae Homestyle Loan (FNMA)

Construction
The new HOMESTYLE Renovation Loan is HERE at New American Funding, and you can use it to purchase a home and make that home perfect for you, or refinance your home improvements in your current home! The greatest advantage of doing a conventional HOMESTYLE renovation loan through Fannie Mae vs. an FHA 203K renovation loan is that you’ll be able to remove the mortgage insurance on the loan once you’ve been in the home at least 12 months and the updated appraised value proves that your loan-to-value is 78%, or lower. The HOMESTYLE renovation loan does require a 5% down-payment, but the monthly MI is lower than if you were in an FHA 203K renovation loan, as well, and there is no upfront MI cost.

The HOMESTYLE renovation loan allows you to complete any renovations you need including luxury items like adding hot-tubs and pools! However, if you’re just interested in completing basic/cosmetic renovations, those are certainly allowed, as well, and structural changes are allowed with the HOMESTYLE loan, too. The HOMESTYLE loan is even allowed on Georgia Second Homes and Georgia Investment Property.

Call Toby Lane today for more information. 404-483-6040