Learn what the Fannie Mae HomeReady® HomeStyle® Renovation loan is — 3% down, primary-only rehab, DU Approve/Eligible, and 97% LTV on after-improved value.
What Is HomeReady® HomeStyle® Renovation? | The 2 Mortgage Guys
Learn what the Fannie Mae HomeReady® HomeStyle® Renovation loan is — 3% down, primary-only rehab, DU Approve/Eligible, and 97% LTV on after-improved value.
What Is a Fannie Mae HomeReady® HomeStyle® Renovation Loan?
Two Programs, One Conventional Mortgage
At a Glance
How It Differs From Standard HomeStyle
HomeReady HomeStyle vs. FHA 203(k)
Keep Exploring
Frequently Asked Questions
See If HomeReady HomeStyle Fits Your Fixer-Upper
HomeReady® HomeStyle® combines Fannie Mae's affordable HomeReady program with HomeStyle renovation financing — one conventional mortgage to purchase or refinance a primary residence and roll eligible repairs into the same note, with as little as 3% down for qualifying borrowers. Underwriting requires DU Approve/Eligible only.
HomeReady brings 3% minimum down payment, reduced PMI coverage, cancellable mortgage insurance, and income limits generally capped at ~80% of Area Median Income (with census-tract exceptions). HomeStyle adds the renovation escrow, after-improved appraisal, contractor draw schedule, and repair caps that turn a fixer-upper into one closable loan.
This combination is available only on a 1-unit primary residence — not second homes or investment properties. Eligible property types include single-family homes, manufactured homes (multiwide), and PUDs when HomeReady rules are met.
Ryan and Steve map your income against AMI, size the rehab escrow against 75%/50% repair caps, and compare this path with standard HomeStyle and FHA 203(k) before you commit to a distressed listing.
Same renovation mechanics — different borrower and occupancy rules.
Related HomeReady HomeStyle guides and sister programs to compare before you apply.
Ryan & Steve will confirm your AMI eligibility, size the rehab escrow, and compare this combo with standard HomeStyle and FHA 203(k) 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.