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.

Important Changes To Our Broker and Emerging Banker Agreements  Read More