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Key Highlights
The Benefits
One Mortgage
Combine your home purchase and renovation financing.
Renovate Your Way
Finance a variety of eligible improvements.
Increase Home Value
Invest in upgrades that enhance your property.
What's Required
Eligible Renovations
Projects must meet program guidelines.
Contractor Documentation
Licensed contractors are typically required.
Project Approval
Renovation plans must be reviewed before closing.
The Ins & Outs
How it Works
Fannie Mae's HomeStyle® Renovation loan allows eligible homebuyers and homeowners to finance the purchase or refinance of a home while including the cost of approved renovations in a single mortgage. Instead of obtaining separate financing for improvements, eligible renovation costs can be rolled into one loan.
Whether you're purchasing a fixer-upper, updating an older home, or making improvements to your current property, HomeStyle® provides a flexible way to finance your renovation project.
Example Scenario
A homebuyer finds a home in the perfect neighborhood, but it needs modern updates before moving in. A HomeStyle® Renovation loan allows them to finance both the purchase and eligible renovation costs with a single conventional mortgage.
What is a HomeStyle® Renovation loan?
A HomeStyle® Renovation loan is a conventional mortgage that allows eligible borrowers to finance the purchase or refinance of a home along with approved renovation costs using one loan.
What types of renovations are allowed?
Many repairs, remodeling projects, and home improvements may qualify, subject to lender and program guidelines.
Do I need a licensed contractor?
In most cases, yes. Eligible renovations are typically completed by licensed contractors and must meet program requirements.
Can I buy a fixer-upper with a HomeStyle® Renovation loan?
Yes. HomeStyle® Renovation loans are commonly used to purchase homes that need repairs or updates before move-in.
Can I refinance my current home with a HomeStyle® Renovation loan?
Yes. Eligible homeowners may refinance an existing mortgage while financing approved renovations, subject to lender guidelines.
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