Homestyle Renovation Refinance Project Coppell TX

Homeowner has owned this property for 10 years in a rapidly growing city. The home needed some foundation work and homeowner decided to make some updates to the interior as well since this program allows for necessary repairs and desired renovations Below we’ll share some useful information regarding the utilization of a Fannie Mae Homestyle Renovation mortgage refinance..

City: CoppellType of Renovation: Homestyle RenovationPurchase Price: $0.00Bid Amount: $45,413.00Contingency: 10%After Improved Value: $222,000.00

Details of Work:

Using the Fannie Mae Homestyle Renovation mortgage homeowner had the following performed:

Remove and replace kitchen cabinets, install new level 1 granite countertop, install new under mount stainless steel sink and faucet, new tile backsplash, repair/replace drywall throughout, interior paint, remove and replace flooring and baseboards throughout, install new irrigation system, replace wood rot throughout, new accent strip in master bathroom, acid clean all tile and grout in master bath,  demo brick on fireplace and replace with new stone from floor to ceiling, install new mantle and foundation repairs.

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Guidelines:

Homestyle Renovation Summary

• plus-circleThe HomeStyle Renovation mortgage enables the borrower to obtain a purchase mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy improvements to the property. 
• plus-circleSingle loan for purchase or refinance and the renovation funds. Loan amount is based on the as-completed value of the home rather than present value. 
• plus-circleRenovation funds are limited to a maximum of 50% of the as-completed appraised value.
• plus-circleThere are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs.
• plus-circleRepairs or improvements; however, must be permanently affixed to the real property and add value to the property.
• plus-circleTransaction may only cover the cost of repairs, remodeling, renovation or energy improvements.

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Did You Know?

You can roll in up to 6 months worth of payments if the home is uninhabitable during the renovation period and the property appraises high enough.