Nevada Loan Options
Hawaii HomeStyle Renovation Mortgage
The HomeStyle Renovation loan is a flexible financing option crafted to empower both homebuyers and homeowners in revitalizing their living spaces. Sponsored by Fannie Mae, this program enables borrowers to merge the purchase or refinance of a home with the expenses of renovation or remodeling, all within a single mortgage. With the HomeStyle Renovation loan, individuals can unleash the potential of a property by financing essential upgrades, repairs, or cosmetic enhancements, shaping a personalized and upgraded living space that resonates with their vision. This loan program offers the flexibility and financial backing necessary to transform a house into the perfect home.
HomeStyle Renovation Mortgage
HomeStyle Refinance for Homeowners
Now that you’re settled into your new home or condo, you’ve likely compiled a list of repairs or remodeling projects you’d like to tackle once your savings permit or your home has accrued enough equity for a variable rate Home Equity Line of Credit. With the HomeStyle Renovation Loan, you may not have to delay those much-needed home repairs or remodeling projects you’ve been dreaming about – instead, it may be possible for you to refinance into a fixed-rate mortgage.
HomeStyle Loan Basics
- First-time homebuyers can put as little as 3% down.
- Repairs or improvements must be permanently affixed to the real property and add value to the property.
- Fixed rates and ARMs available.
- No minimum dollar amount required for repairs.
- Construction consultant required for renovation costs over $35,000.
- 620 minimum qualifying credit score.
Added Benefit with the HomeStyle Loan
The HomeStyle Renovation Program offers borrowers financing based on the value of the property after the renovations have been made. This allows borrowers to qualify for a higher mortgage amount.
Now Available for Second Homes and Investors
Unlike many renovation loan options, the Nevada HomeStyle Program is available for financing second homes and investment properties. This can create an excellent opportunity for building instant equity in a vacation home or rental property.
Luxury Improvements Allowed
Most renovation loan programs don’t allow financing of luxury items on the home – improvements such as swimming pools, outdoor kitchens, and detached accessory dwellings. These projects are all eligible through the HomeStyle Renovation Loan.
Save Your Real Estate Deal from Falling out of Escrow
Home purchases that may have otherwise been canceled due to costly repair contingencies can be saved with a HomeStyle Renovation Mortgage. With this program, borrowers can finance the cost of the repairs into the loan amount and ensure that they still get the home they want.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
