Stonegate Mortgage offers FNMA Homestyle Renovation Loans

  • 22 Feb 2016 2:22 PM
    Message # 3837362
    Michelle Goldberg (Administrator)


    FNMA Homestyle Renovation Loan:

    Follows Conventional Loan Guidelines:


             Owner-occupant, second home or investment

    • Owner-occupant: Maximum 95% LTV;

                   Second home: Maximum 90% LTV;

                   Investors: Maximum 85% LTV

    • Minimum FICO: 620 score

    • Purchase or refinance

    • Fixed-rate mortgage

    • Property can be completed

    • Credit underwriting guidelines same as conventional loans

    • Maximum loan amount: FNMA loan limits (high-balance eligible)

    • No minimum in repairs

    • Total project cost may not exceed 50% of “as completed” value

    • Feasibility study required on projects exceeding $35,000

    • No “self-help” allowed

    Why HomeStyle?


    • Current owners can stay in their homes and renovate

    • Modifications can be made for disabled individuals

    • Properties can be updated to enhance marketability

    • Increases property value

    • For first mortgages, combines purchase or refinance with renovation costs

    • Lower LTV for Conventional borrowers

    • Luxury home improvement items and options included

    HIP Products — HomeStyle Eligible Repairs


    Make any improvements that are fixed to the property and add value

    • Includes structural improvements, such as room additions

    • Finished basements

    • Deck or additional garage space

    • Landscaping

    • Fencing

    • Driveways

    • Interior updates: gourmet kitchen, theater, game room

    • Completion of new construction if builder goes out of business






    NMLS #186732

    Stonegate Mortgage Corporation is not licensed to originate loans in the following states: Alaska, Hawaii, Massachusetts, New Hampshire and New York.

    This advertisement is intended for the use of professionals only and is not to be distributed to members of the general public. Visit



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