{"id":19751,"date":"2013-05-01T14:46:00","date_gmt":"2013-05-01T14:46:00","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19751"},"modified":"2013-05-01T14:46:00","modified_gmt":"2013-05-01T14:46:00","slug":"rediscovering-the-fannie-mae-homestyle-renovation-loan","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/rediscovering-the-fannie-mae-homestyle-renovation-loan\/","title":{"rendered":"Rediscovering the Fannie Mae HomeStyle Renovation Loan"},"content":{"rendered":"<p style=\"text-align: center;\">\n<p>Rediscovering the Fannie Mae HomeStyle Renovation Loan<\/p>\n<p>The <a title=\"Fannie Mae HomeStyle Renovation\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/fannie-mae-homestyle-renovation-mortgage-loan\/\">Fannie Mae HomeStyle Renovation<\/a> loan has gotten very little press lately in Texas. I&#8217;m not quite sure why since it&#8217;s a conventional loan that allows you to <span style=\"text-decoration: underline;\">purchase\u00a0or renovation a home with only 5% down<\/span>. Let&#8217;s say you are <a title=\"refinance\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-buy-new-when-you-can-renovate\/\">refinancing<\/a> and need money for repairs. This loan is your key! It&#8217;s the perfect hidden treasure for those needing a <strong>mortgage loan with a low down payment and the ability to <a title=\"Home in need of repairs\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/dont-be-scared-of-foreclosures-or-homes-in-need-of-renovation\/\">finance repairs\/upgrades<\/a><\/strong>.<\/p>\n<p>The great thing about this loan\u00a0which makes it the choice among homeowners is that it will allow a <strong><span style=\"color: #ff0000;\">pool and other <a title=\"Add a pool to your home\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/homestyle-renovation-loan-great-for-the-upcoming-summer-months\/\">luxury items<\/a>, such as outdoor living spaces, outdoor kitchens, spas, etc., to be financed into the loan.<\/span><\/strong><\/p>\n<p>In many cases the<a title=\"monthly mortgage insurance\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/mortgage-101\/mortgage-approval-process\/\"> monthly mortgage insurance <\/a>will be much less than that of its cousin, the <a title=\"FHA 203k rehab loan\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-the-203k-full-rehab-loan-for-structural-repairs\/\">FHA 203k rehab loan<\/a>. With the <a title=\"FHA\" href=\"http:\/\/www.fha.gov\" target=\"_blank\" rel=\"noopener\">FHA<\/a> 203k loan you will pay FHA\u2019s upfront<a title=\"FHA's mortgage insurance\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-makes-changes-to-the-mortgage-insurance-premium\/\"> mortgage insurance <\/a>of 1.75% which is financed over the term of the loan plus the monthly mortgage insurance factor of 1.35%. <strong>By design the Fannie Mae HomeStyle Renovation loan requires 5% down (or 5% equity in the case of a refinance) and will only have the monthly mortgage insurance factor<\/strong>&#8230;you can avoid mortgage insurance altogether with a down payment of 20%.<\/p>\n<p>Another reason why the <a title=\"Fannie Mae\" href=\"http:\/\/www.fanniemae.com\" target=\"_blank\" rel=\"noopener\">Fannie Mae <\/a>HomeStyle Renovation loan might be the loan that fits what you are looking for is that it allows you to <strong><span style=\"color: #ff0000;\">finance up to the conforming loan limit of $417,000<\/span><\/strong>. In some states this limit is even higher!<\/p>\n<p><span style=\"text-decoration: underline;\">So what renovation items can you add to this loan\u2026.well let me lay it on you:<\/span><\/p>\n<ul>\n<li><strong>Structural foundation and or a roof<\/strong><\/li>\n<li><strong>Upgrade and renovate kitchen and or bathroom<\/strong><\/li>\n<li><strong>Granite counter tops, hard wood floors<\/strong><\/li>\n<li><strong>Luxury items and outdoor amenities<\/strong><\/li>\n<\/ul>\n<p>I mentioned earlier that <strong>this loan allows for a pool<\/strong> but it\u2019s important to reiterate this fact. Unlike the <a title=\"FHA\" href=\"http:\/\/www.fha.gov\" target=\"_blank\" rel=\"noopener\">FHA 203k <\/a>which has also been mentioned the Fannie Mae HomeStyle loan doesn\u2019t have restrictions with regards to pools. FHA considers a pool a luxury item so when it comes to pool repair you are limited to $1200. In some cases this will work but in many this just isn\u2019t enough funds. Especially when you are speaking about adding a new pool. Now if your objective is to remove the pool by filling it in, either loan will be an option.<\/p>\n<p>Being a conventional loan, there are many possibilities. The list above are just some very popular items but we know each person, home and loan are different\u2026<a title=\"contact leesa sandoval\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/contact\/\">call me <\/a>to hear all the ins and outs of what can be done. We will customize this loan to meet your specific needs!<\/p>\n<p>And remember repairs don\u2019t scare me and they shouldn\u2019t scare you either!!\u00a0 Let&#8217;s rediscover the Fannie Mae HomeStyle Renovation loan together.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fannie Mae HomeStyle Renovation loan has gotten very little press lately in Texas. I&#8217;m not quite sure why since it&#8217;s a conventional loan that allows you to purchase or renovation a home with only 5% down. Let&#8217;s say you are refinancing and need money for repairs. This loan is your key! It&#8217;s the perfect hidden treasure for those needing a mortgage loan with a low down payment and the ability to finance repairs\/upgrades.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[70,58,62],"tags":[128,79],"class_list":["post-19751","post","type-post","status-publish","format-standard","hentry","category-fannie-mae-homestyle","category-mortgage","category-mortgage-programs","tag-fannie-mae-homestyle-rehab","tag-fha-203k-rehab-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rediscovering the Fannie Mae HomeStyle Renovation Loan<\/title>\n<meta name=\"description\" content=\"fannie mae homestyle renovation loan in texas. purchase for 5% down and finance renovations into the loan. will need 5% equity for a 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