New Information About the HomeStyle Renovation Mortgage

The FNMA HomeStyle Renovation Mortgage (a conventional loan) lets a borrower receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements totaling up to 50% of the as-completed value of the property. The loan is similar to the 203K FHA program.  • Purchase and limited cash-out refinance • Primary residence: o Minimum 660 FICO for each borrower Read more about New Information About the HomeStyle Renovation Mortgage[…]

Veterans Administration (VA) Increases Home Loan Limits

What happened: The Veterans Administration (VA) has increased the loan limits used to calculate VA’s maximum guaranty amount to $458,850 (previously $417,000) to most counties in Hampton Roads. These limits apply to all loans closed between February 28 and December 31, 2014. To see the updated loan limits, check out the announcement. What the news means for home buyers The Read more about Veterans Administration (VA) Increases Home Loan Limits[…]