Oklahoma City Provider of Home Style Renovation Loan

[David D.]

Does anyone recommend a bank or mortgage provider in Oklahoma City that offers the Fannie Mae Home Style Renovation Loan / Mortgage?  I've checked with BOK and First United, and they do not offer it.  

[Scott England]

@David D.

Much like the HomePath product and 203k, these renovation loans are almost always best originated by a specialist.  You probably wont have much luck with the local loan officers, as much as I hate to admit it.   I did a little research and it looks like Flagstar Bank has them nationwide.  

Also, many banks offer a one close renovation-to-permanent financing loan.  Now, this can mean a lot of things to a lot of people, but the one you want to look for is the one where your bank's construction note is modified into one that is saleable to Fannie Mae (this is a specific product).  This will be less competitive with the down payment options, but almost certainly have a better rate and will be less of a headache overall.