Give borrowers a convenient and affordable option to bundle home renovations into their mortgage. | Fannie Mae
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🚜 The Homestyle Renovation Loan 🚧 When you close on your home or rental property with a conventional loan, you will need to pay cash for all of the renovations you want to do, unless you’re willing to take on a construction loan at 15% interest. However, if you opt for the Homestyle renovations loan and can prove that your renovations will improve the market value of your home, you can actually lump the renovation costs into your mortgage and use the line of credit to pay for the construction
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