AnnieMac’s Renovation Loans offer a solution
Finding a perfect home with all desired features within a budget is rare
These loans allow you to transform a house needing minor repairs or a complete makeover into your dream home by rolling renovation expenses into your mortgage. This approach can potentially result in a loan costing less than your target price range, even after renovations.
Know Your Options
-
FHA 203k
The Standard FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage. This can be done with a new home purchase as well as a refinance of an existing home.
-
FHA Limited
The FHA Limited 203(k) Rehabilitation Loan is for non-structural, smaller projects like kitchen remodels, flooring changes, or outdoor deck installations, enhancing both homeowner enjoyment and home value.
-
FannieMae Homestyle
The Fannie Mae HomeStyle renovation loan can be used for new home purchases or refinancing, including luxury renovations like pools and saunas. Unlike the FHA 203k, it also applies to second homes.
Your Options: Quick Information
- FHA 203k
- FHA Limited
- FannieMae Homestyle
- Minimum Credit
- 600
- 600
- 620
- Debt to Income
- 55%
- 55%
- AUS Approved
- HUD
- Consultant Required
- Consultant NOT Required
- Consultant NOT Required
- Draws
- Up to 5
- 2 Allowed
- None
- Repairs
- $5,000 - unlimited
- No minimum - $35,000
- No minimum - $35,000
- Down Payment
- 3.50%
- 3.50%
- $0
- Occupancy
- Primary Occupancy Only
- Primary Occupancy Only
- Primary Occupancy Only
- Properties
- 1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use.
- 1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use.
- 1 unit Residence, 2 unit residence.