How to Get Your Dream Home with the FNMA HomeStyle Loan!

Have you ever walked into home and said, “This house is perfect except…?”  You may love the school district, the location, the size of the lot, but if the kitchen is dated, or the layout is all wrong, or you really, really wanted a pool then it’s hard to get excited about “almost perfect.”

Well, you can turn that “almost” house into your Dream Home with a FNMA HomeStyle Loan!

During the past year, we’ve seen houses sold in a matter of days at full price or higher with multiple offers!  It’s never been a better time to sell your home.  But for buyers, it’s a competitive, stressful time to find the right house and make the right offer.  Houses that are move-in ready, recently updated and in perfect condition are sold so quickly the agents barely have time to put a sign in the yard!  But if you know all of your options, you might be able find a gem that’s being overlooked by the masses, because it needs a little work.  Replacing the avocado green ceramic tile in the bathroom, or raising the sunken living room (circa 1972)  could make this so-so house into the one you’ve been looking for!

The Fannie Mae HomeStyle is a conventional loan that allows you to roll the cost of home improvements into your mortgage while you’re purchasing your home. That’s right; I said Conventional Loan.  This is similar to the FHA 203k loan and works similarly.  There’s no need to take out a second mortgage or home improvement loan.  This means one loan, one closing and one set of closing costs!

What type of renovations can you do with a HomeStyle? You can make necessary repairs as well as personalized renovations. You can use it for smaller projects, like deferred maintenance issues, or paint and flooring.  Or you can use it for big projects, such as adding a room or an in-ground pool!

At HomeBridge Financial Services, we have streamlined the process of renovation financing.  With a dedicated Renovation Concierge Service to manage the process, we help you get exactly what you want, with the least amount of fuss.

If you’re interested in learning more about the Fannie Mae HomeStyle loan, or any of our Renovation loan products, call me at 210-269-1774 or email me at cwilliams@homebridge.com.  I’ve been originating renovation loans for more than 14 years and I’m here to help!

 

Related Articles

Current mortgage interest rates are always a hot topic for homebuyers or those who are curious about the affordability of homeownership. Knowing the general market rate can be helpful when budgeting for an eventual purchase. But when you eventually sit down with your lender, the quoted rate might be very…
Read More of the post What Determines Your Mortgage Interest Rate?

  Whether you are a Real Estate Agent or a borrower, not having the right mortgage lender could put the kibosh on your deal. If you want the right product mix, lowest rate and quick funding, you also want a lender with a proven track record who will be responsive…
Read More of the post Why Work With A Mortgage Team?

You may have found your dream home, but it might remain a dream without approved financing. Bank statement loans, as the name implies, use bank statements to determine your income. They are a non-qualified mortgage product that offers financing to homebuyers who may not be eligible for a traditional mortgage…
Read More of the post Non-Qualified Mortgage: Bank Statements

  Home improvement projects can make or break the look and feel of your bedroom and in turn, your entire home. Take a look at the three project ideas below and see how our team can help you achieve a new bedroom look! Improved lighting Updated flooring Added doorways Let’s…
Read More of the post 3 Bedroom Upgrades You Can Make With a Fannie Mae Homestyle Loan®