Renovation Comparison Chart, FHA vs. FNMA HomeStyle
 

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 Which Renovation Loan Is Best For You!

 Can Be Used For Purchase Or Refinance!
 

 Limited 203k

Standard 203k

 FNMA HomeStyle
 Occupancy Tyoe   Owner Owner Owner, 2nd Home & Inv.
 Max LTV  96.5%  96.5%  95%
 High Balance Loan  Yes  Yes  Yes
 Max Repair Amount  $35,000  No Limit  Financed: 50% of after improvement Value
 Min. Repair Amount  None  $5,000  None
 Mortgage Insurance Requirement  Always  Always  Only if LTV over 80%
 Borrower Contractor Relationship  No  No  Allowed (Except: Borrower cannot be employee of the contractor)
 Type of Repair Allowed  Non-Structural  Both  Both
 Outbuildings  No Yes, connected by breezeway  Yes, connected by breezeway
 Pools  No  Installation no/Repairs Only  Yes
 Building Additions  No  Yes  Yes
 Mold/Lead Paint Removal  Yes  Yes  Yes
 Foundation  No  Yes  Yes
 Tear Down/Re-Build  No  Yes  No
Originally published by REMN Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 



 Copyright 2016 Jaren Dahlstrom, All Rights Reserved -- Jaren Dahlstrom, Loan Officer, CA BRE 01358563, NMLS 237999 -- United Lendinging Partners/United Realty Partners BRE #02012818, NMLS #1525816