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jade2007
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0.10 Dollars($)
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 Posted: Thu Feb 01, 2007 10:55 am Post subject: homestyle mortgage |
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I need some details of Fannie Mae HomeStyle Mortgage,thank you
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 colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Thu Feb 01, 2007 11:04 am Post subject: |
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Hi Jade,
Welcome to Mortgagefit forum.
The Homestyle Mortgage provides 90% financing for people of all income levels. The financing can be used for house purchase and its improvements. The financing you can get is based on the as-completed appraised value of the house. In addition, of that appraised value, you are allowed to spend up to fifty percent on improvements & repairs.
Do let me know if you have any other questions.
Colin |
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jade2007
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0.10 Dollars($)
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| Posted: Thu Feb 01, 2007 11:06 am Post subject: |
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| thank you colin, do you have any knowledge of which kind of improvements can be financed? |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Thu Feb 01, 2007 11:15 am Post subject: |
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Jade, which kind of improvements you as a borrower may or may not finance is not specified by Fannie Mae. What it means is that you can use the funds for the improvements in various types of remodeling work or carpeting and other purposes. There is also no minimum fixed amount set that must be spent for repairs. One thing to keep in mind is that the improvement is required to be performed only by licensed, certified or registered contractors.
Hope these details will be of some help for you.
Colin |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.61 Dollars($)
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| Posted: Thu Feb 01, 2007 11:45 am Post subject: |
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I would like to provide Jade with some more information about the HomeStyle Mortgage:- Purchasers of second homes, owner occupants and investors can avail this type of mortgage.
- The type of properties which are eligible for the mortgage are condominiums, 1-4 unit homes and PUDs.
- Fannie Mae has maximum limit for conforming loans and the amount for this kind of mortgage can not exceed that.
- There is a requirement to keep a contingency reserve which is equal to 10% of the total cost of the renovation you want to make. The reserve is allowed to be financed out of the proceeds from the loan.
- You can also finance 6 months of mortgage payments for covering non-occupancy costs while construction work is on.
Blue
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Caryn
Guest
0.10 Dollars($)
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| Posted: Thu Feb 01, 2007 12:06 pm Post subject: |
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with this program a person is allowed to install/improve -
#Interior and exterior painting
#Roofs
#Changes in exterior siding, aesthetic appeal, etc.
#Flooring
#Installation or repair of existing swimming pool
#Items affecting health & safety issues
#Repair/installation of well or septic system
#Energy conservation improvements
#Major landscaping; decks, patios
#Remodeled kitchens/baths or updating functions
#Alterations necessary for disabled persons
#New appliances
#Structural alterations/additions, finished basements, etc. |
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