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
- 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 http://www.mmcdcorp.com/find-loan-officer.
All information for this post was sourced from Fannie Mae.