You choose the contractor(s). HomeStyle requires one general contractor (plus specialty trades as needed). The lender reviews licensing, insurance, and line-item bids — a renovation consultant is required only in Alaska, California, Hawaii, and New York.
HomeStyle does not assign a contractor for you. Collect bids from licensed, insured pros whose scopes match the renovations you want financed. The lender then confirms credentials and that costs support the after-improved value.
Unlike FHA Standard 203(k), there is no HUD consultant in most states. A renovation consultant is required only in Alaska, California, Hawaii, and New York. One general contractor coordinates the project, with specialty subs as needed — plans, permits, and contingency still apply on larger scopes.
Ryan and Steve review bid packages early so weak insurance, vague line items, or unlicensed vendors do not stall underwriting after you are under contract.
State or local licensing appropriate to the work — roofing, electrical, general contractor, etc.
Insurance certificates that meet lender overlays and cover the project period.
Materials and labor broken out so appraisers and inspectors can match progress to payments.
Completion estimate inside the renovation window, plus contingency for surprises when required.
Get competing licensed bids that cover the full financed scope — not verbal estimates.
Submit licenses, insurance, and bids with the HomeStyle file for underwriting clearance.
After closing, contractors are paid as inspections confirm milestones against the approved bids.
Related contractor and renovation guides.
Why DIY sweat equity is rarely financed.
Draw inspections and contractor payment timing.
Eligible scopes for contractor bids.
Cross-program contractor approval overview.
Purchase-plus-rehab process from bids to closing.
Full program overview and guide directory.
HomeStyle does not use the FHA HUD consultant model. A renovation consultant is required only in Alaska, California, Hawaii, and New York — otherwise not required. Lenders still require contractor bids, licensing, insurance, and draw inspections before releasing rehab escrow.
HomeStyle requires one general contractor (plus specialty contractors as needed for specific trades). Each contractor must meet licensing and insurance requirements, and combined bids must match the after-improved appraisal plan.
Financed escrow work almost always needs a licensed, insured contractor. You may need to switch vendors or move that item outside the loan as personal cash work — Ryan and Steve will flag this early.
You select the contractor(s). The lender reviews credentials, bids, and insurance. They do not typically assign a contractor, but they can reject a bid package that fails guidelines.
Share licenses, insurance, and line-item scopes — Ryan & Steve will confirm what underwriting needs before you lock a HomeStyle purchase or refinance.
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.