HomeStyle is a conventional loan product for home buyers either with or without mortgage insurance who want to make home improvements, renovations or repairs, and roll the costs into the mortgage. In this video, Dan Moyle with Amerifirst Home Mortgage interviews renovation lending expert, Joe Daly, about the HomeStyle Renovation Loan.
HomeStyle requires 10% down, with a maximum of no more than 50% of the as completed value. It does not require the home to be owner occupied, so an owner occupant can buy a home that’s a single-family residence, duplex, tri-plex or four-plex (quad). HomeStyle can also be used to purchase a second home (which FHA 203k doesn’t allow) with the same 10% down on a second home.
Investors can also leverage HomeStyle financing, but may be required to put as much as 20% down to qualify.