Borrowers don’t need to pass on a home just because it needs a little TLC. The Fannie Mae HomeStyle Renovation mortgage can combine the cost of the home with the costs of renovation or remodeling—all in one loan.
At closing, all funds for the renovation are escrowed in an interest-bearing account. After renovating, any remaining funds will be used to pay down the principal balance of the loan.
Features and benefits:
Finance home and renovation costs with one low down payment
Combine with features from Fannie Mae HomeReady® program for creditworthy, low to moderate income borrowers
Fixed-rate and high-balance loans available
Escrow renovation funds in an interest-bearing account
Finance soft costs, such as architectural and engineering services, permit fees, etc.
Refinance options also available
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If you are seeking a mortgage in Pennsylvania, MortgageDepot can help! Talk to one of our experienced loan officers today to learn how you can qualify for a HomeStyle Program.