HomeStyle Renovation Loan

A HomeStyle Renovation Loan is a single-close loan that enables borrowers to purchase a home that needs repairs or refinance their existing home and include the necessary funds for renovation in the loan balance. There are no required improvements or a minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property. A HomeStyle mortgage may not be used for complete tear-down and reconstruction of the dwelling. Repairs must be non-structural and not exceed $200,000. Renovations greater than $35,000 require the use of an AFR approved HUD Consultant and prior management approval.