{"id":18267,"date":"2011-04-11T19:18:08","date_gmt":"2011-04-11T19:18:08","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=18267"},"modified":"2011-04-11T19:18:08","modified_gmt":"2011-04-11T19:18:08","slug":"fannie-mae-homestyle-rehab-high-balance","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/fannie-mae-homestyle-rehab-high-balance\/","title":{"rendered":"Fannie Mae HomeStyle Rehab – High Balance"},"content":{"rendered":"

\"\"By now you are probably familiar with the FHA 203k Rehab <\/a>loan but did you know that Fannie Mae offers a rehab loan which may allow for more flexibility? The Fannie Mae HomeStyle Rehab loan allows for the installation\/repair of luxury items as well as High Balance Loans<\/strong> \u2013 you are not limited to $417,000.00. In many cases we can finance up to $800,000.00 but the limits will vary from county to county<\/strong>.\u00a0 You may click here<\/a> to review the county loan limits.<\/p>\n

This is a great loan to use if you are exceeding the FHA loan limit or trying to install luxury items such as a pool or an outdoor kitchen<\/strong>.<\/p>\n

These are just two examples but there are a lot of other reasons to utilize the Fannie Mae HomeStyle Loan:<\/span><\/p>\n

    \n
  1. Unfinished New Contraction<\/strong> \u2013 FHA requires a Certificate of Occupancy (CO). In some cases that\u2019s just not possible to obtain but luckily the Fannie Mae HomeStyle loan does not. Fannie Mae only requires that the home is \u201csubstantially complete\u201d or about 75% finished.<\/li>\n
  2. Mortgage Insurance<\/strong> – Borrowers with 20% down can utilize this loan to avoid mortgage insurance. FHA requires monthly mortgage insurance for the 5 years regardless of your down payment (30 year fixed rate mortgage) whereas the Fannie Mae HomeStyle loan follows conventional guidelines so with 20% down there is no monthly mortgage insurance.<\/li>\n
  3. Non-owner purchases \/ Investors<\/strong> \u2013 Unlike an FHA loan, Investors may purchase using the HomeStyle loan. They may even perform rehab on the property. This also applies to 2nd homes, Condos that aren\u2019t FHA approved, and Multi Unit Dwellings (may have LTV restrictions).<\/li>\n
  4. Already have an FHA loan<\/strong> \u2013 Well that\u2019s not a problem with the HomeStyle loan because there is no limit to how many properties you may own under this program.<\/li>\n
  5. Flexibility and Scope of work<\/strong> \u2013 As previously mentioned, items deemed \u201cluxury\u201d by FHA are allowed!! This means you are not limited with your landscaping project, your pool installation\/repair, or the addition of your outdoor kitchen.<\/li>\n<\/ol>\n

    Certainly there are a lot more scenarios and uses for this loan product. In my experience, each rehab loan is different. Call me today and we can discuss your needs as well as formulate a plan to accomplish your rehab goals.<\/p>\n","protected":false},"excerpt":{"rendered":"

    By now you are probably familiar with the FHA 203k Rehab loan but did you know that Fannie Mae offers a rehab loan which may allow for more flexibility? The Fannie Mae HomeStyle Rehab loan allows for the installation\/repair of luxury items as well as High Balance Loans \u2013 you are not limited to $417,000.00. In many cases we can finance up to $800,000.00 but the limits will vary from county to county. You may click here to review the county loan limits.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70,62],"tags":[128,132],"class_list":["post-18267","post","type-post","status-publish","format-standard","hentry","category-fannie-mae-homestyle","category-mortgage-programs","tag-fannie-mae-homestyle-rehab","tag-jumbo"],"acf":[],"yoast_head":"\nFannie Mae HomeStyle Rehab - High Balance<\/title>\n<meta name=\"description\" content=\"The Fannie Mae HomeStyle Rehab loan allows for the installation\/repair of luxury items as well as High Balance (Jumbo) Loans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/fannie-mae-homestyle-rehab-high-balance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fannie Mae HomeStyle Rehab - 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