A HomeStyle Renovation mortgage gives you more flexibility to meet your borrowers' needs, the potential to increase purchase and refi loan production and save repair-contingent deals.
Homeowners are renovating like never before. With a HomeStyle Renovation loan, they’ll have funds for a wide range of renovation projects, from repairs and energy updates to landscaping and luxury upgrades.
Projected amount of remodeling spend by 2025, growing from $221B in 20151
Average growth per year for remodeling spend in major metro areas2
Increase in average amount spent on renovations by first time home buyers in 2016 vs 20153
1, 2 “Demographic Change and the Remodeling Outlook” by the Joint Center for Housing of Harvard University, 2017.
3 U.S. Houzz & Home Renovation Trends Study, 2017.
*Must be an approved HomeStyle Renovation Lender to sell loan prior to project completion
HomeStyle Renovation allows for general Fannie Mae underwriting and eligibility standards.
Major renovations such as additions, multi-room rehabilitations and landscaping are eligible projects, provided they meet the applicable LTV requirements.
HomeStyle Renovation supports the following property types:
With HomeStyle Renovation funds are available for 75% of the lesser of:
Contractors and subcontractors must be licensed, unless contractor licensing is not applicable under state or local law for the specific trade or type of renovations being performed.
HomeStyle Renovation has been somewhat of a secret weapon for us. —Landy Garcia, AnnieMac
Click the Ask Poli widget on the right for answers to all your HomeStyle Renovation questions, all in one place. For the best results, ask your question in a full sentence.
Complete Form 1000A or contact your Fannie Mae customer account team.
Note: Delivering loans post-completion does not require special approval.