Fannie Mae HomeStyle Loan
A conventional renovation mortgage that lets buyers or owners finance home purchase plus renovation in one loan, up to 75% of as-completed value.
Quick answer
Fannie Mae HomeStyle Loan: A conventional renovation mortgage that lets buyers or owners finance home purchase plus renovation in one loan, up to 75% of as-completed value. Typical cost: Conventional 30-year rates + 0.25%–0.50%; ~1% origination..
Why it matters
HomeStyle is the conventional alternative to FHA 203(k), allowing luxury upgrades, second homes, and investor projects.
Typical cost
Conventional 30-year rates + 0.25%–0.50%; ~1% origination.
Pros
- • Funds purchase + reno together
- • No FHA mortgage insurance
- • Allows luxury items and pools
Cons
- • 620+ credit needed
- • Detailed contractor bids required
Common uses
- • Buying a fixer-upper
- • Major remodel of current home
Alternatives
FHA 203(k)HELOCCash-out refi
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Frequently asked questions
- HomeStyle vs 203(k)?
- HomeStyle for borrowers with good credit and conventional plans; 203(k) for lower credit scores and FHA-eligible properties.
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