Compare Fannie Mae HomeStyle® and FHA 203(k): PMI vs MIP, occupancy, consultants, improvement flexibility, and which fits your remodel.
Home
Renovation Loans
HomeStyle
vs FHA 203(k)
Both combine purchase (or refinance) with rehab into one mortgage. HomeStyle is conventional — broader scopes, cancellable PMI, and flexible occupancy. FHA 203(k) can be the better fit when credit is thinner and the property is your primary residence.
Key differences borrowers weigh most often.
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.
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.
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.
Related program and decision guides.
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. 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.