JD Dorris Explains HomeStyle Renovation Mortgages

JD Dorris Explains HomeStyle Renovation Mortgages

First United Mortgage Group is excited to add Fannie Mae’s HomeStyle Renovation product to their extensive construction and rehabilitation product line!

HomeStyle Renovation Mortgages have the following benefits for homeowners:

  • 30 year fixed rate mortgage with the rate set at time of closing

  • Allowed for Purchase and Refinance Transactions

  • Borrower may purchase a property and finance repairs or renovations

  • Borrower can renovate or repair their existing home through a refinance

  • Allows for Primary, Secondary Homes and Investor Occupancy

  • Borrower may be eligible to finance up to 6 months of the payments if the property will not be habitable after closing

  • LTV’s up to 95% for Primary Homes

  • Repairs can be up to 50% of the appraised value after repairs are completed