HomeStyle and 203(k) are both available loan options if you are a first time home buyer.  There is no requirement to have previously purchased a home or have any history of owning and investing in property.  

In fact, these loan options serve as a great t...

When you're using a 203(k) or a FannieMae HomeStyle loan, your contractor is paid through a draw schedule. A draw schedule establishes that once "x" work is complete, the contractor can be paid for it. The HUD Consultant is responsible for creating and implementing the...

In previous blog posts we have discussed the importance of your lender, your contractor, and the role of a HUD consultant in a renovation loan.  In this article, we want to cover a few major tips when it comes to choosing your realtor. You realtor is an integral part o...

Whats it going to cost me?

Let's say you find a home for $500,000, but you know it's going to need some fixing up. 

Your first step is to get a contractor out to the house to work up a bid for you.  The contractor tells you that you'll need $100,000 worth of funds to  re...

Alongside your lender, the most instrumental person in a Fannie Mae HomeStyle loan is the contractor. Your contractor plays a crucial role.  The contractor can be the reason that this is an amazing loan product and an amazing experience for you, or they can cripple the...

A common question that we are receiving is - How do the terms and costs of these loans differ from that of a normal FHA or conventional loan? 

Obviously, it's important to acknowledge that everyone's terms will vary depending on qualification. Things like credit score,...

Did you know that you can get a Fannie Mae HomeStyle Renovation Mortgage or a 203(k) loan to refinance your home?!  That's right!

Say for example, that you've outgrown your home, but you want to stay in the neighborhood.  Ever thought about building an addition to...

Don't let your realtor/lender talk you out of moving forward with a renovation loan! (I might say it a few more times!)

There are so many "myths" surrounding renovation loans that just aren't true.  We wanted to give you some typical responses that you might hear when y...

In this post, we're covering your renovation budget, and how much can be financed.  

Your renovation budget is limited to 50% of the "As Completed Value" of the home.  So if the "As Completed Value" is $600,000, that means renovations can be up to $300,000....

Fannie Mae HomeStyle Renovation Loans are not just for detached homes, they can also be used for condos as well. 

However, one critical step that exists with condos, that does not exist with most single family detached homes, is that homeowners must obtain written appro...