New update available: updating your own home - Fannie Mae HomeStyle

New Update Available: Updating Your own Home – Fannie Mae HomeStyle

By Leesa Sandoval | Fannie Mae Homestyle

Jul 25
Updating Your own Home – Fannie Mae HomeStyle

You wake up in the morning and check your phone to be awakened with the second most popular notification: "New update available." (The first most popular being: "Your storage is almost full," which pops up way more often than we would like.)

Consequently, in order to make these devices perform their best, it is important that they are always up to date, and at the end of the day the same rules apply to homes

Keeping your property up to date is highly important so it preserves its value in the market and even allows you to progressively add your style to the home, leading you closer and closer to your dream house

One of our latest project in Rockwall shows the latest update being finished on a single family residence that was built in 1998. 

The homeowner applied for a Fannie Mae HomeStyle Renovation Loan to refinance and make the necessary updates to the home. 

First of all, a new patio was added: 

Old backyard
[caption id="attachment_23358" align="aligncenter" width="1200"]New patio added New patio added[/caption]

In addition, the kitchen was completely remodeled, adding a whole new pantry was built, the old cabinets being replaced, and a new tile flooring was added: 

Kitchen beforeNew kitchen

Also, the den was completed transformed for the family

Old denNew den

This "update" really transformed this property into a beautiful home. As a result, our customer was very satisfied with the results and our team work. Here is the full album:

Album 1

Guidelines for Fannie Mae HomeStyle loan:
  • Must be permanently affixed to the property and add value to the property. 
  • Renovations can include interior and exterior repairs and cosmetics improvements. 
    - Roof repair or replacement
    - Updated finished and flooring
    - Electrical or plumbing repair or replacement
    - Paint
    - Fences, decks, and landscaping 
    - Kitchen appliances
    - In-ground swimming pools
    - Accessory Units
  • Renovations cannot consist of;
    - Construction of new guest house
    - Non-Kitchen appliances (e.g. washer and dryer, etc.)
    - Tear Down/Rebuild is not eligible under HomeStyle Renovation
Did you know this about Renovation Loans?

You can finance up to 6 months worth of mortgage payments into the renovation total if the property is a primary residence, non-habitable while the renovations are going on and if the property appraises high enough.

    About the Author

    • Leesa Sandoval • 972.725.9110 ⇒ I have been a Mortgage Loan Consultant in Dallas, TX for over 13 years, and I specialize in FHA 203k Rehab Mortgage Financing .....(Read Full Profile)

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