Fannie Mae Homestyle Renovation Loan
The Fannie Mae Renovation loans can be used on any project from updating a bathroom to landscaping to replacing a roof. With standard pricing and conventional execution, loan funds can be delivered even before the project starts (subject to approval).
The types of improvements that borrowers may make using Section 203(k) financing include:
- Structural alterations and reconstruction
- Modernization and improvements to the home’s function
- Elimination of health and safety hazards
- Changes that improve appearance and eliminate obsolescence
- Reconditioning or replacing plumbing; installing a well and/or septic system
- Adding or replacing roofing, gutters, and downspouts
- Adding or replacing floors and/or floor treatments
- Major landscape work and site improvements
- Enhancing accessibility for a disabled person
- Making energy conservation improvements
HUD requires that properties financed under this program meet certain basic energy efficiency and structural standards.
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