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.
No restrictions on the type of improvement as long as it is permanently affixed to the property
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