New Home Renovation Option: Fannie Mae's HomeStyle®
(Applicable to Wholesale Channel)
Sun West Mortgage Company, Inc. continues to offer Fannie Mae's HomeStyle® Renovation standard and High balance programs.
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.
| Parameter | Fannie Mae's HomeStyle® Renovation |
| Occupancy | Primary Residence (1-4 Units) Second Home (1 Unit) Investment Properties (1 Unit) |
| LTV (Loan-to-Value) | Up To 97.00% (Up to 95.00% for High Balance program) |
| Mortgage Insurance | Not Required, if LTV (Loan-to-Value) < 80.00% |
| LTV (Loan-to-Value) Basis | Lesser of "As Completed Value" or "Purchase Price plus Rehabilitation Cost" |
Click here to view the product guidelines.
For additional questions not answered by the guideline, please email Sun West's underwriting scenario desk at uwscenarios@swmc.com for more information.
If you have any questions, please call our Underwriting Hotline at (800) 241-7113.
Sun West Mortgage Company, Inc.
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
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.
