Financing your Mortgage Payment for 6 Months

October 11, 2017

 

Another incredible feature of the Fannie Mae HomeStyle Renovation Loan is that if you cannot occupy the property during the renovation and remodel period, you can actually finance your first 6 mortgage payments into the renovation cost! 

 

How this works:  If you’re property is undergoing a renovation and you can't live there during it, part of your renovation funds can be allocated into an escrow account to pay for your mortgage.  Your lender would set this up, and up to six monthly mortgage payments can come from this account!

 

This is an incredible feature to this loan product because it allows the home buyer to escape the threat of having to pay two housing expenses during the remodel.

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