Updated HomeStyle Renovation & Construction Loans Flyer
With a GMFS HomeStyle Renovation Loan, You Can Buy a Fixer-Upper and Finance All the Repair Costs with One Loan
- Single-close first mortgage that locks in rate & funds upfront for renovation or repairs
- Any renovation/repair is eligible – must be permanent to the property\Finance up to 75% of the “as completed” value on a Purchase or Refinance
- Up to 97% LTV Owner Occupied | 90% LTV second homes
(LTV based on lesser of “subject to” value or price of home plus cost of renovations)
97% for 1st time home buyers or if existing mortgage is FNMA owned on refi.
Otherwise, it’s 95% percent for 1 unit principal residences)
- Contractor of Choice must be prior approved by GMFS
- Gift Funds Allowed
- 1-4 Unit Properties
- Do-It-Yourself Option
- High Balance Eligible
- 30 & 15 Year Fixed
Contact your District Director for more information.