The HomeStyle Renovation loan is a conventional loan product that allows you to buy a home and fix it up, or refinance and remodel your current home. There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. Repairs or improvement, however, must be permanently affixed to the real property and add value.
- Conventional Loan product credit score sensitive
- 10% minimum down payment
- You can use gift funds for down payment & closing costs
- 3% seller contribution allowed
- Cosmetic and structural renovations allowed
- Allowable improvements can include landscaping, appliances, swimming pools and more