If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home. [Read more…]
Searching for your Dream Home? Consider a Renovation Mortgage.
May 5, 2024 by Leave a Comment
HomeStyle Mortgage is now available at Mortgage Master Service Corporation
May 19, 2015 by Leave a Comment
The HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.
Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.
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