In this video, I explain the Homestyle renovation program. This is the best rehab loan when you are buying or refinancing a fixer upper home that is in need of little or a lot of rehab.
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Timestamps:
00:00 - Intro
00:31 - What kind of renovations can you do
01:55 - How to qualify
02:08 - What kind of properties qualify
02:35 - How does the process work
05:43 - How much can you finance?
07:03 - Who can do the work
08:00 - Why you should look into a renovation loan to purchase a home
09:08 - Outro
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Let's face it, home renovations are extremely expensive and complicated.
The Fannie Mae homestyle renovation mortgage is a great option for homebuyers and homeowners alike, who are looking to rehab, a property.
It works for buying a property that needs a little bit or a lot of work. Whether you are looking to live in the property, full time, part time or even as an investment.
This program allows the homebuyer, or the homeowner to do an extensive amount of renovations, including but not limited to gutting the house and redoing the interior. You can build accessory dwelling units, finishing a basement, or add luxury features such as pools, landscaping, and more.
The property does not have to be habitable as Fannie Mae, in the lender allows you to finance, up to six months' worth of principal, interest, taxes, and insurance in your renovation financing so that you can live somewhere else during any major renovation work.
If you want to get a homestyle renovation loan. The first step is to speak to a Fannie Mae-approved lender, which will be pretty much almost any mortgage lender that originates conventional loans. However, most mortgage lenders do not have the capacity or the knowledge to offer this program.
Here are the down payment (LTV) requirements by property type:
One-unit home (single-family, condo, co-op, townhome, or manufactured home): 3% or 5% (97% or 95% LTV)
Duplex: 15% (85% LTV)
Triplex or quadruplex: 25% (75% LTV)
Second home: 10% (90% LTV)
Investment home: 15% (purchase) (85% LTV), 25% (refinance) (75% LTV)
Credit Scores
The minimum credit score for a Fannie Mae loan is 620. However, I suggest you have a much better credit score,
You’ll have more options, a lower interest rate and an easier time qualifying with a score of 680 to 720 or higher. These are the scores you need if you want to make a lower down payment, have a higher debt-to-income ratio (up to 45%), and have lower cash reserve requirements.
If you’d like to know if this is an option for you, feel free to apply with us here: [ Ссылка ]
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Legal disclosures
Marcos Zambrano
NMLS ID: #988935
CMG Financial
3500 Lenox Road Suite 1500
Atlanta, GA 30328
Equal Housing Lender
Not a Financial Advisor Disclaimer
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am a licensed mortgage loan officer. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
