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Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
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About
Homestyle Renovation
<p class="MsoNormal">A Homestyle Renovation loan makes it easy for you to roll your renovation costs into your loan.</p>
Benefits
Combined Financing
Finance both purchase and renovation costs with a single loan and one monthly payment.
Flexible Property Types
Can be used for various property types, including single-family homes, condos, and multi-unit properties.
Low Down Payment
Down payments as low as 3% for qualified borrowers, making homeownership more accessible.
Competitive Rates
Interest rates are typically similar to conventional loans and lower than home equity loans or HELOCs.
Fannie Mae HomeStyle Renovation Loan Information
<p>The Fannie Mae HomeStyle Renovation loan allows homeowners to finance both the purchase and renovation of a property with a single loan. To better understand how this loan can help you achieve your home improvement goals, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
Eligible Properties
<ul><li>Condominiums or Co-op units</li><li>Duplex, triplex, or quadplex</li><li>Townhomes</li><li>1-unit second home</li><li>1-unit investment home</li><li>1-unit manufactured home</li><li>Single-family detached home</li></ul>
Down Payment Requirements
<ul><li>Minimum 5% down payment for most borrowers</li><li>3% down payment for HomeReady program qualifiers</li><li>10% for second homes</li><li>Up to 15% for investment properties (25% for refinancing)</li><li>Private Mortgage Insurance (PMI) required if down payment is less than 20%</li></ul>
What's Covered
<ul><li>Adding new floors</li><li>Building a second (smaller) home on the property</li><li>Kitchen and bathroom remodeling</li><li>Landscaping work</li><li>Mechanical upgrades (e.g., HVAC and electrical)</li><li>Adding a basement, dwelling unit, garage apartment, or suite</li></ul>
Additional Information
<p>Understanding the specifics of the Fannie Mae HomeStyle Renovation loan can help you determine if it's the right choice for your renovation needs.</p>
What's Not Covered
<ul><li>Building a new property or second home</li><li>Demolishing your home</li><li>Altering more than 50% of a manufactured home's structure</li><li>Temporary improvements (e.g., furniture, moveable storage units)</li><li>Certain landscaping changes</li></ul>
Credit Score and Income Requirements
<ul><li>Minimum credit score of 620</li><li>Debt-to-income ratio less than 50%</li><li>No upper or lower income limits</li><li>Loan limits up to $726,200 for single-family homes (higher in costly areas)</li></ul>
Interest Rates
<p>Interest rates for HomeStyle loans are typically similar to conventional loans and lower than home equity loans or HELOCs. Rates may vary based on:</p><ul><li>The total amount borrowed</li><li>Your credit score and financial profile</li><li>Current market conditions</li></ul><p>Contact Total Mortgage for the most up-to-date rates and personalized quotes.</p>