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Finance Product Details

Fannie Mae Homestyle Renovation Mortgage by imortgage
Lender: Fannie Mae Homestyle Renovation Mortgage by imortgage
Product Description
Fannie Mae's Homestyle Renovation Mortgage helps homeowners finance the cost to repair, improve or upgrade their home as part of an insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through a Fannie Mae-approved lender, such as imortgage. The additional renovation project cost available to the homeowner through the Homestyle Renovation Mortgage is limited to 50% of the “as completed” appraised value of the home. As with any typical mortgage, the Homestyle Mortgage can be structured in many different ways that may include closing costs, fees or points. Additionally, it may include a monthly mortgage insurance fee.
Miscellaneous Information
Payments may include a .85% monthly FHA mortgage insurance fee.
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Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Property Types
Sponsor:
Financing Type
Secured
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
15, 20, 30 years
Minimum Amount:
$50,000 +
Maximum Amount:
N/A
Fees:
One-time fees
Down Pmt. Required:
Yes
Re-pmt. Method:
Off-bill loan (Direct to Lender)
Pmt Frequency:
Monthly
Pre-pmt Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects
Appliances, low flow water fixtures, and other pre-approved energy projects may be financed.
Funds other energy-related projects
Mold remediation, asbestos removal and other similar projects may be financed.
Funds other non-energy projects
Remodeling and renovation projects may be financed.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
Yes

Other Variations of this product

Fannie Mae Homestyle Renovation Mortgage by imortgage

Sponsor
Financing Type Secured loan
Term (years) year(s)
Rate (APR) Market Rate
Min. Amount $50,000
Max. Amount N/A
One-time Fees No
Ongoing Fees No
Description Fannie Mae's Homestyle Renovation Mortgage helps homeowners finance the cost to repair, improve or upgrade their home as part of an insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through a Fannie Mae-approved lender, such as imortgage. The additional renovation project cost available to the homeowner through the Homestyle Renovation Mortgage is limited to 50% of the “as completed” appraised value of the home. As with any typical mortgage, the Homestyle Mortgage can be structured in many different ways that may include closing costs, fees or points. Additionally, it may include a monthly mortgage insurance fee.

Other Products By This Lender

Lender: Loan Depot LLC