How contractors are selected for HomeReady® HomeStyle® — one GC, specialty trades, licensing, and consultant rules in AK, CA, HI, and NY.
HomeReady® HomeStyle® Contractors | The 2 Mortgage Guys
How contractors are selected for HomeReady® HomeStyle® — one GC, specialty trades, licensing, and consultant rules in AK, CA, HI, and NY.
How Are Contractors Selected and Approved?
You Select. The Lender Verifies.
Contractor Rules Snapshot
What Makes a Bid Package Lender-Ready
HomeReady HomeStyle vs FHA Consultant Model
Keep Exploring
Frequently Asked Questions
Need Help Vetting Your GC Package?
You choose the contractor(s). HomeReady® HomeStyle® requires one general contractor (specialty trades as needed). The lender verifies licensing, insurance, and line-item bids — a renovation consultant is required only in Alaska, California, Hawaii, and New York.
HomeReady HomeStyle does not assign a contractor for you. Collect bids from licensed, insured pros whose scopes match the renovations you want financed on a 1-unit primary residence. The lender then confirms credentials and that costs stay inside the 75% purchase repair cap (or 50% for manufactured homes).
Unlike FHA Standard 203(k), there is no HUD consultant in most states. One GC coordinates the project, with specialty subs as needed — plans, permits, 10%/15% contingency, and the five-draw schedule still apply.
Ryan and Steve review bid packages early so weak insurance, vague line items, or unlicensed vendors do not stall DU Approve/Eligible underwriting after you are under contract.
Four items that keep HomeReady HomeStyle draws and appraisals moving.
Draws, DIY rules, and document checklists for this program.
Ryan & Steve review HomeReady HomeStyle bids, insurance, and draw-ready scopes at Luminate Bank.
HomeReady and HomeStyle are registered trademarks of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, income limits, LTV limits, 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 Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.
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