Anyone familiar with Fannie Mae's Homestyle loan program?

[Reynaldo Irrizarry]

I stumbled on some information about the Homestyle program (not to be confused with Homepath) that HomeStyle loans are available to investors with a 15% down payment. Investors cannot take out 203(k) mortgages.

With the HomeStyle Mortgage, the minimum loan amount is $50,000 and the maximum loan amount is in reference to the conforming loan limit ($471,000). Repairs and renovations must be completed within 6 months and cannot exceed 50% of the after improved appraised value.