Benefits of a Homestyle Renovation Loan

homestyle loan benefits

According to Fannie Mae, the “HomeStyle Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home”.

The HomeStyle Renovation Loan gives borrowers a convenient option to pay for renovations. Additionally, this loan provides an alternative to a second mortgage, home equity line of credit or other type of financing.

Eligible borrowers for the HomeStyle Renovation Loan include:

  • Home Buyers
  • Homeowners
  • For-profit investors
  • Non-profit investors
  • Local Government Agencies

Potential Borrower Benefits:

  • Cost-effective way to make home improvements.
  • A single loan provides the borrower with lower closing costs and potentially lower interest rates on a first mortgage.

For more information on the HomeStyle Renovation Loan, please contact your local Mason-McDuffie Mortgage Loan Officer or find one here

All information for this post was sourced from Fannie Mae.

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