HomeStyle is Fannie Mae’s renovation loan program. This loan will be locked in, closed, fully funded and sold to Fannie Mae prior to the renovations being complete on the home. The renovation funds are held in an interest bearing escrow account at GMFS and are drawn from as work progresses on the home. The borrower begins making normal P & I payments through our servicer even while construction is underway. This product benefits your borrower by being able to lock in the permanent rate at the time the loan closes, rather than floating while under construction.