HOMESTYLE RENOVATION LOANS
A Homestyle Loan From POE can be a good choice if you want to buy a fixer-upper house or refinance your current home and include improvements in your financing.
A HomeStyle Renovation loan is a type of mortgage backed by Fannie Mae that lets you combine your home purchase or refinance with financing for renovations and repairs in a single loan — so you don’t need a separate home equity loan or personal loan for remodeling.
• Single-close loan: Mortgage + renovation financing all together.
• Renovation funding: Pays for improvements that are permanently affixed to the home, from kitchen/bath updates to additions like accessory dwelling units, outdoor living spaces, and other upgrades.
• Flexible project options: Can include structural, cosmetic, or functional improvements.
• Cost limits: The renovation portion usually cannot exceed 75% of the home’s appraised value after renovations.
• Single monthly payment: You pay one mortgage payment that covers both the home and renovation costs.
If you are interested in a Homestyle Renovation Loan., stop by a branch or contact us today.