What HomeReady® HomeStyle® can finance — kitchens, baths, structural work, pools, 75%/50% repair caps, contingency, and 15-month completion.
HomeReady® HomeStyle® Eligible Improvements | The 2 Mortgage Guys
What HomeReady® HomeStyle® can finance — kitchens, baths, structural work, pools, 75%/50% repair caps, contingency, and 15-month completion.
What Home Improvements Can Be Financed With a HomeReady® HomeStyle® Renovation Loan?
Eligible Repairs & Upgrades
Repair Caps & Escrow Mechanics
Budget Snapshot
HomeReady HomeStyle vs FHA 203(k) Scope
Keep Exploring
Frequently Asked Questions
Map Your Scope Before You Bid
HomeReady® HomeStyle® funds structural and non-structural work — kitchens, baths, roofs, foundations, room additions, energy and accessibility upgrades, landscaping, appliances, mold and lead remediation, and swimming pools — with no minimum renovation amount and a 15-month completion window after closing.
Work must appear in your approved scope and support the as-completed appraisal. Contingency reserve is required at 10% (15% if utilities are off).
There is no minimum renovation amount. On purchase, renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs or as-completed appraised value. Manufactured homes are capped at 50% of as-completed value.
The escrow can also fund architectural/engineering fees, third-party construction management, five draw inspections, final inspection (1004D), permits, title updates, and the draw administration fee (greater of 1.5% of repair costs or $500).
Renovations must be completed within 15 months after closing, with one general contractor (specialty trades as needed) and a consultant required only in Alaska, California, Hawaii, and New York.
Related HomeReady HomeStyle guides and comparison resources.
Ryan & Steve size repair caps, contingency, and draw schedule against your contractor bids 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.