Homestyle & Homepath Loans

Fannie Mae HomeStyle® Renovation Loan:

This loan is very similar to the FHA 203(k) loan, but for qualified borrowers, it is much cheaper (lower PMI) and has more flexible options to remove PMI from the loan (see your lender for more details):

  • Customize a home to your specifications with substantial renovation work — expansion or improvement
  • One conventional, fixed-term renovation loan covers both your purchase or refinance and the renovation work
  • Available for single family residences, condominiums and multiplexes (1-4 units)

Fannie Mae HomePath® Renovation Loan:

  • Available to finance Fannie Mae owned properties
  • Up to $35,000 total renovation costs
  • Finance up to 95% of purchase price
  • No mortgage insurance (see your lender for details)