FannieMae Homestyle Renovation Loan

[Michael Washington]

New member to BP here in Baltimore. Has anyone had any experience (good or bad) with FannieMae's Homestyle Renovation Loan? (Not to be confused with FM's Homepath Loan)

[Ben Freeburg]

Hi @Jerry Padilla - Do lenders typically add their own requirements to the Fannie Mae requirements? My understanding is the LTV is lower of cost + rehab or ARV. Are there minimum down payments needed or does that only factor into DTI? I'm trying to minimize my out of pocket costs. Are you aware of lenders in WA or national lenders? I'm working with a local loan broker and am trying to learn more about the program.

Thanks!