FHA 203k vs. Fannie Mae Homestyle Rennovation Loan (+ HomeReady)

[Nathaniel Ziomek]

Hey everyone,

I was wondering if anyone has particular knowledge of the Fannie Mae Homestyle Reno loan: 

Specifically, how does it compare to the FHA 203k loan when grouped together with FannieMae HomeReady? What are the advantages/disadvantages?

 I am really interested in a product that allows for the wrapping of construction costs into the mortgage, as both of these seem to do, and for a low down payment.  

I am not interested in hard money loans right now at my experience level. 

For more info: My intended first deal is to house hack a SFH that can be utilized as an STR or a small multifamily long-term rental property in San Antonio.

Thank you for your time & consideration!

[William Sing]

@Julee Felsman Would have a better idea on this! I think these will probably have more upfront fees like getting a HUD inspector and such. These two programs have different requirements depending on the level of construction needed as well, but are great for non-habitable properties since you can finance some portion (I think 3 or 6 months) of the mortgage during construction.