THE OVERVIEW
How this option works
Fannie Mae’s HomeStyle Renovation mortgage can combine eligible renovation expenses with a first mortgage used for a purchase or certain refinances. The lender reviews the work plan, property, borrower, and project administration requirements.
The project generally involves approved plans and contractor review, an as-completed appraisal, and a lender-managed renovation account or draw process. Lender participation and program requirements apply, and not every lender offers the product.