HomeStyle Renovation Loans

A Fannie Mae HomeStyle Renovation loan is a single-close loan that enables the borrowers to purchase a home that needs repairs, or refinance the mortgage on their existing home and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as completed” value of the home rather than the present value.

Benefits of a HomeStyle Renovation Loan

  • Cost-effective way to renovate or improve home
  • Loan amount is based on “as-completed” value of the home or the cost basis (purchase money loans), whichever is less
  • Conventional loan with a fixed rate

Renovation Requirements

  • Repairs cited on city violations required and any repairs to meet Fannie Mae guidelines
  • No restrictions on repairs as long as they are permanently affixed to property and add value
  • Renovation costs are limited to 50% of as-completed value of property
  • Once General Contractor allowed and required
  • Self-help is not allowed


  • Maximum of 4 properties may be financed, including primary residence
  • Eligible borrowers include individual homebuyer or current homeowners and investors
  • Eligible properties include
    • Single family primary residence
    • 2-4 multifamily primary residence
    • 1 unit second home
    • 1 unit investment property
    • Eligible PUD, condo