Finance purchase and renovations in one conventional loan with Fannie Mae HomeStyle. After-improved value, flexible occupancy, and guides for Indiana buyers.
Estimate for educational purposes only. Not a loan approval or commitment to lend. HomeStyle requires DU Approve/Eligible, one general contractor, 5 draws + final 1004D, 15-month completion, and $100,000 minimum loan amount.
Home
Renovation Loans
HomeStyle
Purchase or rate/term refinance and finance renovations in one conventional mortgage — primary, second home, or investment property, sized on after-improved value with swimming pools allowed and a 15-month completion window.
Conventional rehab
Up to 97% LTV · $100k min loan
5 draws + final 1004D · consultant only in AK, CA, HI, NY
HomeReady eligible?
HomeReady HomeStyle pairs 3% down with full HomeStyle renovation — primary residence only, with reduced PMI and ~80% AMI income limits.
A conventional renovation loan that lets borrowers purchase or refinance a home and finance renovations in one mortgage. Unlike FHA 203(k), HomeStyle can be used for primary residences, second homes, and investment properties.
Ryan and Steve run your file through Desktop Underwriter for an Approve/Eligible recommendation — manual underwriting is not permitted on HomeStyle.
Loan-to-value limits by occupancy and transaction type. PMI applies when LTV requires it under standard conventional rules.
Renovation costs may not exceed 75% of the lesser of purchase price plus renovation costs, or as-completed appraised value. No minimum renovation amount.
Refinances: renovation costs cannot exceed 75% of as-completed appraised value.
Manufactured homes: maximum renovation costs equal 50% of as-completed appraised value.
A renovation consultant is required only in Alaska, California, Hawaii, and New York . Otherwise, not required by the matrix.
One general contractor manages the project; specialty contractors are permitted when necessary. DIY work is not allowed in escrow.
• Five draws plus final inspection (1004D)
• 10% holdback per draw
• Initial material draw up to 50% of material costs
• 15-month completion after closing
HomeStyle only
Locked to Fannie Mae HomeStyle rules — occupancy-based LTV, $100,000 minimum loan, 75%/50% repair caps, contingency, draw admin fee, and product choices.
HomeStyle rules applied
• DU Approve/Eligible required
• $100,000 minimum loan amount
• 5 draws + final 1004D · 10% holdback
• 15-month completion window
• Consultant only in AK, CA, HI, NY
• One general contractor · no DIY in escrow
$ down
Estimated Monthly Payment
Rehab escrow breakdown
This calculator is for informational purposes only. Results are estimates and are not exact — they do not include all closing costs, prepaid interest, or escrow deposits. Contact us for a personalized quote.
HomeStyle is a registered trademark of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, 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.
Mortgage Knowledge Center
Deep-dive guides on what HomeStyle is, who qualifies, borrowing power, occupancy, contractors, fund draws, appraisals, timelines, documents, and more.
Ryan and Steve will review your property, contractor bids, and credit profile — then compare HomeStyle with FHA 203(k) and VA renovation so you pick the cleanest path.