Compare FHA 203(k) and Fannie Mae HomeStyle® — MIP vs PMI, occupancy, consultants, scopes, and which program fits you.
Home
Renovation Loans
FHA 203(k)
vs HomeStyle
Both combine purchase (or refinance) with rehab into one mortgage sized on after-improved value. FHA 203(k) can be the better fit when credit is thinner and the property is your primary residence. HomeStyle is conventional — broader scopes, cancellable PMI, and more flexible occupancy.
Key differences borrowers weigh most often.
Choose FHA 203(k) when credit is recovering, 3.5% down on a primary is the priority, and the scope fits HUD guidelines with a consultant-managed process on Standard.
Choose HomeStyle when you have conventional-ready credit, want cancellable PMI, need second-home or investment occupancy, or your remodel includes finishes FHA will not finance.
Ryan and Steve quote both paths on the same property so you see payment, MI cost, and rehab flexibility side by side — not marketing slogans.
Share your credit profile and remodel scope — Ryan & Steve will compare payment, MI, and rehab flexibility on both programs.
HomeStyle is a registered trademark of Fannie Mae. All loans are subject to credit and property approval. FHA and conventional program guidelines, MIP/PMI rules, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by HUD, FHA, Fannie Mae, or any government agency. Information is for educational purposes only and is not a commitment to lend.