Renovation Guide

What Is a HomeStyle Renovation Loan?

HomeStyle is Fannie Mae's conventional renovation mortgage for purchase or rate/term limited cash-out refinance on primary, second, and investment properties — one loan for the purchase (or refinance) and eligible improvements under conventional credit and LTV rules. Underwriting requires DU Approve/Eligible; work must finish within 15 months after closing. Ryan and Steve help Indiana buyers compare HomeStyle with FHA 203(k) and VA rehab options for the property and scope.

Get Pre-Approved Full HomeStyle Program Renovation Overview

Conventional Purchase-Plus-Rehab

HomeStyle lets you finance the home and the remodel in a single conventional mortgage. The loan amount is based on the projected after-improved value, and renovation dollars are typically held in escrow and released as work is completed and inspected.

Because it is a Fannie Mae product, underwriting follows conventional credit, down payment, debt-to-income, and PMI guidelines rather than FHA MIP and Limited/Standard 203(k) tracks. That can mean stronger rate or PMI outcomes for borrowers who already qualify conventionally — and more flexibility on certain improvement types.

HomeStyle is not always the best fit. Buyers who need FHA credit flexibility may lean toward 203(k); eligible veterans may prefer VA renovation options. We match the program to your file instead of defaulting to one product.

At a Glance

What HomeStyle Is Built For

A clear scope and conventional qualification profile keep HomeStyle files on track from contract to draws.

How a HomeStyle File Moves Forward

A practical sequence keeps purchase timelines realistic when rehab is part of the offer.

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Keep Exploring

Related guides to scope your project and move toward pre-approval.

Fannie Mae HomeStyle Program Hub

Full HomeStyle overview — benefits, occupancy rules, guides, and pre-approval.

What Is a Renovation Loan?

How purchase-plus-rehab financing works across FHA, HomeStyle, and VA.

What Is an FHA 203(k)?

Limited vs. Standard 203(k), consultants, draws, and who FHA rehab fits.

What Improvements Are Allowed?

Eligible repairs and remodels by renovation program.

Can I Finance Additions?

When room additions and square footage increases can roll into the loan.

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Related Blog Posts

Recent articles on HomeStyle, conventional financing, and renovation strategies.

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Frequently Asked Questions

Ready to Explore a HomeStyle Loan?

Share the property and renovation list with Ryan & Steve. We will compare HomeStyle with FHA 203(k) and VA options, then get you pre-approved before you write the offer.

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(765) 450-8933 Get Started