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
o 1-4 unit properties are eligible
o 95% Loan to Value (LTV)
• Second home and investment property:
o Minimum 680 FICO for each borrower
o 1 unit properties are eligible
o Second Home require 90% LTV
o Investment Properties 80% LTV