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New Home Renovation Option: Fannie Mae's HomeStyle®
(Applicable to Wholesale Channel)

Dear Licensed Partner,

Sun West is excited to add Fannie Mae's HomeStyle® Renovation into our program / product library effective immediately. 

HomeStyle® Renovation allows borrowers to combine funds for home improvement with a conventional first mortgage, providing more flexibility and cost effective ways for your customers to renovate their dream home.

HomeStyle® Renovation loan program can be used for renovating primary residences (1-4 units) as well as second home (1 unit) and investment properties (1 unit) and is available with both purchase and limited cash out refinance transactions.

Some of the differences between FHA 203k and Fannie Mae's HomeStyle® Renovation are:

Parameter FHA 203k Fannie Mae's HomeStyle® Renovation
Occupancy Primary Residence Only Primary Residence (1-4 Units)
Second Home (1 Unit)
Investment Properties (1 Unit)
LTV Up To 96.50% Up To 95.00%
Mortgage Insurance Required Not Required, if LTV < 80.00%
LTV Basis Lesser of “As-is Value plus Rehabilitation Cost” or “Purchase Price plus Rehabilitation Cost” Lesser of “As Completed Value” or “Purchase Price plus Rehabilitation Cost”

Click here to view the product guidelines.

Thank you for your continued business. We look forward to discussing Sun West Mortgage services and/or rehabilitation mortgage programs.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.




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