FNMA Homestyle Loan

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Is a FNMA Homestyle Loan right for you?

Program Overview

Borrower may purchase a property or refinance an existing home and include funds in the loan amount to cover the costs of:

  • Repairs
  •  Remodeling
  • Renovations, or
  • Energy improvements to the property.

General Parameters

-No minimum dollar amount required for renovations.

-Any type of renovation or repair is eligible if the improvements are permanently affixed to the real property {either dwelling or land) with the

exception of certain appliances installed with kitchen and utility room remodels

  • The purchase of appliances as part of the overall remodeling project is permitted.
  •  The use of HomeStyle Renovation to purchase appliances as part of an overall remodeling project that includes substantial changes or

upgrades is permitted.

-Completion of the final work on newly built homes are permitted when the home is 90% completed.

The remaining improvements must be related to completing non-structural items the original builder was unable to finish. Such work may include installation of

buyer-selected items such as:

  • Flooring Cabinets
  •  Kitchen appliances
  • Fixtures, and
  • Trim

-Construction of various outdoor buildings and structures are permitted and according to local zoning regulations.

  •  Examples of acceptable structures include, but are not limited to:


  1. Accessory units
  2. Garages
  3. Recreation rooms, and
  4. Swimming pools.

NOTE: Complete tear downs and reconstruction of dwellings are not permitted

– The renovation and contingency funds must be placed in an interest-bearing custodial account.

– Unused funds must be applied as a curtailment to the unpaid mortgage balance.

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