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HomeStyle Conventional

A HomeStyle renovation loan is a conventional mortgage that allows the borrower to make any repairs that are permanently affixed to the property. This loan can accommodate both structural and non-structural repairs. Landscaping and site amenities are allowed.

POTENTIAL WISH LIST:

  • Add new kitchen appliances
  • Add new carpet
  • Build out the attic and put in dormer windows
  • Build a pool
  • Remediate lead-based paint
  • Add an on-suite bath
  • Repair a well
  • Create an open floor plan
  • Update all fixtures
  • Create curb appeal by changing fascia of home

Common Questions From Prospective Borrowers

SINCE THIS LOAN IS CONVENTIONAL, WHAT WILL MY DOWN PAYMENT LOOK LIKE AND COULD I POTENTIALLY USE THIS LOAN TO RENOVATE AN INVESTMENT PROPERTY?

For first-time home buyers on a primary home, a borrower can have as little as a 3% down payment. For repeat buyers on a primary home, a borrower can have as little as a 5% down payment. And yes, this loan can be utilized for second homes and 1-unit investment properties (these will require higher down payments than primary homes).

CAN THE CONTRACTOR GET PAID IN ADVANCE OF THE WORK WITH THIS LOAN?

No draws are permitted without an inspection on the HomeStyle loan. A maximum of 5 draws are allowed. In some cases, a contractor may be allowed a draw for materials at the start of the project.

CAN THE CONTRACTOR GET PAID IN ADVANCE OF THE WORK WITH THIS LOAN?

No draws are permitted without an inspection on the HomeStyle loan. A maximum of 5 draws are allowed. In some cases, a contractor may be allowed a draw for materials at the start of the project.

Renovation is trending upward! Projected future growth for residential remodeling will put the industry at 4 billion dollars in 2022, up from approximately 2 billion in 2017.

Your home, your way. That’s theFAIR WAY

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