Learn how Fannie Mae HomeStyle works — purchase-plus-rehab in one conventional mortgage, eligible improvements, escrow draws, and who the program fits.
What Is a HomeStyle Renovation Loan? | 2MG
Learn how Fannie Mae HomeStyle works — purchase-plus-rehab in one conventional mortgage, eligible improvements, escrow draws, and who the program fits.
What Is a HomeStyle Renovation Loan?
Conventional Purchase-Plus-Rehab
At a Glance
What HomeStyle Is Built For
How a HomeStyle File Moves Forward
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Related Blog Posts
Frequently Asked Questions
Ready to Explore a HomeStyle Loan?
HomeStyle is Fannie Mae's conventional renovation mortgage — one loan for the purchase (or refinance) and eligible improvements. It often supports a broad remodel list under conventional credit and LTV rules. Ryan and Steve help Indiana buyers compare HomeStyle with FHA 203(k) and VA rehab options for the property and scope.
HomeStyle lets you finance the home and the remodel in a single conventional mortgage. The loan amount is based on the projected after-improved value, and renovation dollars are typically held in escrow and released as work is completed and inspected.
Because it is a Fannie Mae product, underwriting follows conventional credit, down payment, debt-to-income, and PMI guidelines rather than FHA MIP and Limited/Standard 203(k) tracks. That can mean stronger rate or PMI outcomes for borrowers who already qualify conventionally — and more flexibility on certain improvement types.
HomeStyle is not always the best fit. Buyers who need FHA credit flexibility may lean toward 203(k); eligible veterans may prefer VA renovation options. We match the program to your file instead of defaulting to one product.
A clear scope and conventional qualification profile keep HomeStyle files on track from contract to draws.
A practical sequence keeps purchase timelines realistic when rehab is part of the offer.
Step
Related guides to scope your project and move toward pre-approval.
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Share the property and renovation list with Ryan & Steve. We will compare HomeStyle with FHA 203(k) and VA options, then get you pre-approved before you write the offer.