REMN Wholesale is pleased to announce that effective Monday, February 10, 2014 we are offering Fannie Mae’s HomeStyle Renovation program.

The HomeStyle program allows borrowers to purchase or refinance a property and include the repair/ renovation costs in the loan with a single loan closing.  Renovations must begin within 30 days of loan closing and be completed within 180 days.

Highlights of HomeStyle Renovation

  • Up to 50% of the as-completed value may be used for renovation/repair funds. Renovations/repairs must add value to the property and be permanently affixed.
  • Purchase and rate/term refinance transaction
  • 1-2 unit primary residence owner-occupied and 1-unit second home.
  • Conforming and high balance loan amounts.  High balance loan amounts limited to 1-unit properties only.
  • SFR/PUDs (attached/detached) and condominiums (written approval from the HOA for renovations/repairs is required for condominiums)
  • Unfinished model home/new construction may be eligible on a case-by-case basis.
  • Minimum credit score per DU
  • Maximum LTV/CLTV:

–         95% LTV/CLTV for 1-unit primary residence conforming loan amount and 90% LTV/CLTV for high balance
–         85% LTV/CLTV for 2-unit properties both conforming and high balance
–         90% LTV/CLTV for second home conforming loan amount and 65% LTV/CLTV for high balance

NOTE:    Condominiums limited to the lesser of 80% LTV/CLTV or program maximum. Maximum 105% CLTV if using a Community Second

  • Fixed rate only

Fees for the HomeStyle Renovation program must be listed on the GFE as follows:

Fee Type

HUD Line

GFE Block

Draw Inspections ($200 per draw; enter total amount of all draws)

811

Block 3

HUD Consultant Fee

1306

Block 6

Title Update ($100.00)

1114

Block 4

Architect/Engineering Fee/Permit Fees (if applicable)

1300

Block 6

The HomeStyle program guidelines and all required forms have been posted on the REMN Wholesale website at www.remnwholesale.com.

If you have any questions, please contact your Account Executive.