Fannie Mae Homestyle Mortgage

[Evan Manship]

Hey BP,

I wanted to take a collective poll as to who has had experience and what the community has heard regarding Fannie Mae's HomeStyle renovation mortgage product -- not to be confused with the HomePath renovation product which is being discontinued next month.

From what I have read, the HomeStyle loan does not require owner occupancy and costs of renovations can be tied into the purchase price. There is no discrimination between owner-occupants and investors while acquisition of the property is possible with as little as 85% LTV. There is PMI involved and many hoops to jump through similar to the FHA 203k, but with no restrictions for investors this seems like a great idea for beginners like myself.

I am curious to hear what the BP family has to say about experiences or hearsay about Fannie Mae Homestyle.

Cheers,

Evan