Fannie Mae HomeStyle Renovation Loans in Florida & Miami
Looking for a reliable mortgage broker in Florida to assist with your HomeStyle® Renovation Loan? Look no further than Bennett Capital Partners Mortgage. As a licensed residential mortgage brokerage, we have a deep understanding of the local market and the needs of our clients in major metropolitan areas and counties across Florida, including Jacksonville, Miami, Tampa, Orlando, St. Petersburg, Hialeah, Port St. Lucie, Tallahassee, Cape Coral, Fort Lauderdale, Pembroke Pines, Hollywood, Miramar, Coral Springs, Gainesville, Clearwater, Palm Bay, Pompano Beach, West Palm Beach, and Lakeland.
We specialize in providing innovative and flexible financing solutions for a wide range of credit scenarios, including the HomeStyle Renovation Mortgage Program. The HomeStyle
Renovation Loan offers stability and predictability in monthly payments for homebuyers, and we work closely with each client to provide the best financing options to meet their specific needs. Our team of experts can help you navigate the complex process of obtaining a HomeStyle loan with ease, offering valuable insights on loan limits, qualifications, guidelines, closing costs, down payments, and other important factors to consider when applying for a mortgage.
At Bennett Capital Partners Mortgage, we pride ourselves on offering competitive rates for HomeStyle Renovation Loans in Florida, with quick turnaround times and exceptional customer service. Our experienced professionals are dedicated to providing you with personalized attention to meet your needs and help you achieve your real estate goals.
📞 Contact us today at 800-457-9057 to learn more about how we can assist you with your Fannie Mae HomeStyle Renovation Loan in Florida.
Our Fannie Mae HomeStyle
Renovation Mortgages Expertise
At Bennett Capital Partners Mortgage, we have established ourselves as leading experts in Fannie Mae HomeStyle Renovation Mortgages. With years of experience in the mortgage industry, we have built a reputation for providing our clients across Florida—including Miami, Tampa, and Orlando with competitive rates and tailored mortgage solutions. Our team stays up-to-date with the latest industry trends and regulations, working with a broad network of lenders to offer a wide range of options for your Fannie Mae HomeStyle mortgage needs. Whether you're a first-time homebuyer or looking to refinance, we are committed to helping you find the best mortgage program to suit your unique financial situation.
Here is why we are considered experts in Fannie Mae HomeStyle renovation mortgages
Extensive Network of Lenders
As brokers, we have access to a vast network of wholesale lenders and banks, enabling us to provide a wide variety of options for Fannie Mae HomeStyle Renovation Mortgages. This extensive network allows us to secure the most competitive interest rates and terms that align with your financial goals.
Personalized Service
At Bennett Capital Partners, we prioritize providing personalized service that addresses your specific needs. Our mortgage experts work with you one-on-one to understand your financial circumstances and guide you to the best Fannie Mae HomeStyle Renovation Mortgage program.
Fast Closing Times
We understand that time is critical when purchasing or renovating a home, which is why we aim for fast and efficient closings on Fannie Mae HomeStyle Renovation Mortgages. Our streamlined process and dedicated team ensure that you can complete your purchase or renovation quickly and move forward with your home plans.
Competitive Rates
With our extensive network of lenders and banks, we consistently seek the most competitive interest rates for Fannie Mae HomeStyle Renovation Mortgages. We work tirelessly to ensure that you receive the best deal available for your mortgage, helping you save money over the life of your loan.
Industry Knowledge
Our team of mortgage professionals has a deep understanding of the Fannie Mae HomeStyle Renovation Mortgage guidelines, as well as the latest industry trends and regulations. We are committed to providing clients in Florida, including Miami, Tampa, and Orlando, with the highest level of service. Whether you're a first-time homebuyer or a seasoned investor, our knowledgeable team will guide you through each step of the HomeStyle Renovation process, ensuring a smooth and stress-free experience.
Fannie Mae HomeStyle Renovation
Mortgage Program
The Fannie Mae HomeStyle Renovation Mortgage is a versatile and comprehensive financing solution that combines the costs of purchasing or refinancing a home with the expense of renovations into one convenient mortgage. Whether you're looking to buy a fixer-upper or upgrade your current property, this loan simplifies the process by rolling all expenses into a single monthly payment. This avoids the complexities of managing separate loans and offers borrowers more flexibility and control.
Key Features and Benefits:
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Single Loan for Purchase or Refinance and Renovation: This loan program eliminates the need for separate financing, allowing homeowners to combine home purchase or refinance costs with renovation expenses into one manageable loan.
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Low Down Payment: Eligible borrowers can qualify with as little as 3% down for primary residences, making it more accessible for first-time homebuyers or those with limited cash reserves.
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Wide Range of Renovation Types: The HomeStyle Renovation Mortgage can be used for a variety of projects—from cosmetic updates such as kitchen remodels and bathroom upgrades to major structural repairs and additions. You can even finance energy-efficient improvements to reduce long-term utility costs.
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Post-Renovation Value Financing: Borrowers can finance up to 75% of the home's "as-completed" value, meaning the future appraised value after the renovations are complete. This increases the borrowing power for more significant or costly improvements.
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Flexible Property Eligibility: The HomeStyle loan applies to various property types, including primary residences, second homes, and investment properties. Borrowers can also use this program for single-family homes, condos, multi-unit residences (up to four units), and even manufactured homes.
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Mortgage Insurance with Flexibility: Unlike FHA loans, the mortgage insurance for HomeStyle Renovation loans can be canceled once you reach 20% equity, helping to reduce long-term costs. Mortgage insurance is typically required when the down payment is less than 20%.
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Work with Contractors of Your Choice: The HomeStyle Renovation Mortgage allows you to hire licensed contractors of your choosing, providing flexibility and control over the renovation process. This can help ensure the work is completed to your satisfaction.
If you're searching for a cost-effective and efficient way to purchase or refinance a home while completing significant renovations, the Fannie Mae HomeStyle Renovation Loan is an excellent choice. Its combination of affordable down payment options, flexible renovation scope, and property eligibility makes it a top option for many types of buyers and investors.
Ready to explore your renovation financing options?
📞 Call us today at 1-800-457-9057 to learn more and see how the HomeStyle Renovation Mortgage can help turn your property into your dream home.
Understanding Fannie Mae HomeStyle Renovation Mortgages
What is a Fannie Mae HomeStyle Renovation Loan?
A Fannie Mae HomeStyle® Renovation Loan allows homebuyers and homeowners to finance both the purchase and renovation of a home with one mortgage. This loan covers renovations like structural changes, cosmetic upgrades, and energy-efficient improvements.
Who is eligible for a Fannie Mae HomeStyle Renovation Loan?
Borrowers typically need a minimum credit score of 620, a debt-to-income ratio under 45%, and a down payment starting at 3% for primary residences. Second homes require a minimum down payment of 10%, and investment properties require 15%-20%.
What types of properties are eligible for a Fannie Mae HomeStyle Renovation Loan?
Eligible properties include single-family homes, multi-unit homes (up to 4 units), condominiums, second homes, and single-unit investment properties. Manufactured homes are eligible, but they must be permanently affixed to a foundation, meet local codes, and adhere to Fannie Mae’s specific property guidelines for manufactured housing.
Can I use a Fannie Mae HomeStyle Loan for investment properties?
Yes, the Fannie Mae HomeStyle Loan can be used for single-unit investment properties like rental homes or fix-and-flip projects. A down payment of 15%-20% is typically required, and interest rates may be higher than for primary residences.
What renovations can be done with a Fannie Mae HomeStyle Loan?
The loan covers a wide range of renovations, including structural repairs, cosmetic updates, energy efficiency improvements, and landscaping. All renovations must be permanently affixed to the property and completed by a licensed contractor.
How does the Fannie Mae HomeStyle Loan compare to an FHA 203(k) Loan?
The Fannie Mae HomeStyle Loan offers more flexibility, allowing renovations on second homes and investment properties, unlike the FHA 203(k) loan, which is limited to primary residences. HomeStyle loans also do not require mortgage insurance if the down payment is 20% or more, while FHA loans always require mortgage insurance. See tjhe HUD program comparison fact sheet to explore the differences.
What is the maximum loan amount for a Fannie Mae HomeStyle Loan?
The maximum loan amount for a Fannie Mae HomeStyle Loan is based on 2024 conforming loan limits. In most areas, the limit is $766,500 for single-unit properties, but it can go up to $1,148,400 in high-cost areas.
Can I use a Fannie Mae HomeStyle Loan for second homes?
Yes, a Fannie Mae HomeStyle Renovation Loan can be used for second homes, but the property must be a single-unit property. The minimum down payment for second homes is typically 10%.
How are renovation funds disbursed in a Fannie Mae HomeStyle Loan?
Renovation funds are placed in an escrow account and disbursed in stages as the work is completed and inspected. Borrowers must provide detailed renovation plans, and inspections are required before funds are released to contractors..
What are the benefits of a Fannie Mae HomeStyle Renovation Loan?
The HomeStyle Loan allows borrowers to combine purchase and renovation costs in one mortgage, offers flexibility for a wide range of renovations, and often has lower interest rates compared to personal loans or home equity loans. Mortgage insurance can be removed once the loan reaches 80% loan-to-value (LTV).
Disclaimer: The information provided on this page about the Fannie Mae HomeStyle® Renovation Loan program is for general informational purposes only and is subject to change without notice. Loan eligibility, terms, and conditions are determined by Fannie Mae's guidelines and the individual borrower’s financial profile. Bennett Capital Partners is an independent mortgage brokerage and is not affiliated with or endorsed by Fannie Mae. For the most accurate and up-to-date information on this program, please consult one of our licensed mortgage professionals. They can provide personalized advice tailored to your specific financial needs.
What Our Clients Say
Alex S.
Philip was highly recommended to me and he did not disappoint. He was incredibly helpful and honest throughout the entire process, getting us the best program that matched our needs. We really didn't think we had a chance and luckily Philip was able to deliver on our dream home!