They do! It’s called the Fannie Mae HomeStyle Renovation program.
How it works…
At closing all funds for renovation will be escrowed in an interest earning account.
After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage.
Soft costs such as architectural services, engineering and permit fees may be financed.
Max loan to value ratio for owner occpuied = 95%.
If you want to purchase a home, but want to make some changes right away this loan might be a good vehicle for you!
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……
