HomeStyle Renovation Loans – Alternative to FHA 203k?
HomeStyle Renovation financing is not new to the mortgage landscape. It is somewhat rare, however, with a limited amount of mortgage lenders carrying the product or possessing the skill-set to execute it when they do offer it.
Providing an alternative to the more common FHA 203k loan, the HomeStyle is, in many ways, a better renovation loan product.
What is the HomeStyle?
Offered by Fannie Mae, the HomeStyle Renovation mortgage is a single-close loan that allows you to finance the cost of renovations, improvements or appraiser required repairs right into the loan balance. The loan works much like its FHA cousin, the 203k.