Fannie Mae HomeStyle Renovation Loan...... Cash-Out ??

[Michael Dunn]

Just a few quick question please, regarding this type of Loan .

1. It shows 3% down payment for Investment properties, BUT you pay PMI

or you put 20% down , and pay NO PMI .

That's a 17% difference in Down Payment requirements..... Depending on your financial ( Cash In hand circumstance ) ..... May be best to opt for the 3% own and pay the PMI ?

2.  How soon an you Refinance  ( Cash-Out ) ?  Is it after the 6 month time frame , that all the Renovations must be completed by ?

3. What LTV ratio is used on the ARV ..... 75% or 80% for Investment properties ?

4. How man Properties can you have Financed using this HomeStyle Renovation Loan ( and purchasing them ALL as Investment properties ) ?  I have heard 4 properties max, but I have also head 10 properties ?

5.  And it shows they do offer a  " Do it Yourself "  Renovation option.  What are the stipulations with this ?  I myself , and my dad are both Contractors .  So long as we can show and prove to the Lender that we have the skills and ability to perform any and all renovations .,,,,, Would they allow us to technically do all of the required work ? 

Thank you for the help. 

I'm going through and weighing my options on how to best purchase my first Investment property. I purchased my Primary residence back in December of 2015 using an FHA loan, so that option i currently un-Available.... And this Renovation loan through Fannie Mae seems to be my best bet, yes ?

Thanks again