Purchase or refinance and renovate with one HomeReady® HomeStyle® loan — 97% LTV, renovation escrow, five draws, and 15-month completion.
Buy and Renovate With HomeReady® HomeStyle® | The 2 Mortgage Guys
Purchase or refinance and renovate with one HomeReady® HomeStyle® loan — 97% LTV, renovation escrow, five draws, and 15-month completion.
Can I Buy and Renovate a Home With One HomeReady® HomeStyle® Renovation Loan?
One Closing, One Mortgage, One Rehab Escrow
Deal Snapshot
How the Purchase-Plus-Rehab Process Works
Why Buyers Choose One Loan Over Two Steps
Keep Exploring
Frequently Asked Questions
Ready to Buy the Fixer and Fund the Rehab Together?
Yes. That is the core purpose of HomeReady® HomeStyle® — purchase (or limited cash-out refinance) a primary residence and finance eligible renovations into one conventional mortgage, with up to 97% LTV and HomeReady affordable-housing benefits for qualifying borrowers.
Instead of buying with a standard mortgage and financing repairs later with a HELOC or cash, HomeReady HomeStyle rolls purchase price and renovation costs into a single note sized on the as-completed (after-improved) value — while keeping HomeReady's 3% down and reduced PMI features.
Eligible transactions are purchase and limited cash-out refinance. Occupancy is primary residence only. Underwriting requires Desktop Underwriter Approve/Eligible — manual underwriting is not permitted. Minimum loan amount is $100,000; maximum follows FHFA conforming limits.
Ryan and Steve coordinate the contractor bid, contingency reserve, and after-improved appraisal so your offer on a fixer-upper closes as one clean file at Luminate Bank.
From offer to final draw — what happens at each stage.
Related HomeReady HomeStyle guides and sister purchase-plus-rehab paths.
Ryan & Steve structure purchase-plus-rehab HomeReady HomeStyle files with clear draw timelines at Luminate Bank.
HomeReady and HomeStyle are registered trademarks of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, income limits, LTV limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.