GREATER LAFAYETTE; NEARBY CITIES & PARISHES
The Home Buyer’s Korner
The Home Renovation Option for Property Investors
Owner Occupied & Second Home Purchases
Distressed Home Inventory although not at its high, continues to remain a concern for the housing industry. Many Community Banks are no longer offering short term financing for property investors leaving them to scrambling for LOC’s, by turning to Hard Money Lenders with extremely high rates; low LTV and deep add-on fees.
The Fannie Mae HomeStyle Renovation Loan can be used by investors to purchase distressed properties with the intent for resale or to keep as income producing properties. It’s a lot like the Fannie Mae HomePath Program, but the property DOES NOT have to be owned by Fannie Mae.
Highlights of the Fannie Mae HomeStyle Loan
The HomeStyle Renovation Loan program allows borrowers to combine the cost of the home with the costs for renovation and repairs. At closing, all funds for renovation will be escrowed in an interest-bearing account and you draw disbursements as your renovation are completed.
.Fannie Mae HomeStyle Renovation Loan Highlights
70% to 75% LTV for investors, depending on your lender
- 95% LTV for owner occupied properties
- 90% LTV for Second Home with mortgage insurance.
- Renovation funds escrowed in an interest-bearing account.
- Soft costs (architectural services, engineering, permits, etc.) may be financed.
- Loans are underwritten to standard FNMA guidelines.
- Loan Amounts up to $417,000.
- 1 & 4 Family Units /Modular/PUD/FNMA Warrantable Condos. Some lenders are known to limit the number of units available to investors.
- Can own up to 10 financed properties including your Primary Residence.
- FICO Scores from 680 to 740 with specific limitations to LTV.
- There must not be any mortgage late payments within the prior 12 months on any mortgage.
- There must be no bankruptcies or foreclosures in the prior 7 years.
- There must be 2 years of tax returns supporting any ordinary income and rental income from all properties.
- Fixed Rate Loans with 15 and 30-year terms and NO prepayment penalty.
- Up to 6 months of payments can be included in the loan amount.
- Fannie Mae’s Delayed Financing Rule is allowed for a home purchased free & clear.
Home Buyers, Second Home Purchasers or Property Investors can basically do any repairs or renovation to the home that they want, as long as the appraisal supports the improved value and the improvements are common for the area. Repairs must be completed within six months and not to exceed 50% of the after improved appraised value.
As part of Fannie Mae’s Housing Stabilization efforts their policy remains in effect and encourages experienced investors play a key role in the housing recovery by continuing to offer renovation lending tools to the property investor community with its HomeStyle Renovation Loan Programs.
If you’re a real estate investor looking for a lending tool to renovate and create a nice portfolio, consider the program.
VISIT OUR SOUTH LOUISIANA “HOMES FOR SALE” BOARDS
FIND HOMES THROUGHOUT SOUTH LOUISIANA
LOUISIANA HOME OWNERSHIP TOOLS
Your Home Purchasing or Refinancing & Renovation Tool
Mortgage Loan Officers, Real Estate Agents & General Contractors
are ready to assist you with your home purchase
FANNIE MAE HOMESTYLE
The Conventional Alternative to FHA 203K
Great for Real Estate Investors and Second Home Renovations
Mortgage Loan Officers, Real Estate Agents & General Contractors
are ready to assist you with your home purchase
USDA RURAL DEVELOPMENT
Up to $10K for Home Improvements, Renovations or a Simple Remodel
Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you
A SIMPLE HOME SHOPPING INSPECTION TOOL
Organizing your home shopping experience affords a wise decision-making process.
This simple home inspection tool makes your ultimate buying decision a smart one.
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