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Conventional HomeStyle Renovation Loans. Down Payments As Low As 3%!

The HomeStyle Renovation Loan Can Help With Your Purchase and Refinance Rehab Projects

With Millennial Home Loans quick online loan application, determining if you qualify for a Conventional Renovation Loan and for how much, has never been easier.

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Conventional HomeStyle Renovation Loan interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

Conventional HomeStyle Renovation Loan Program Benefits

  • The Conventional HomeStyle Renovation Loan program allows borrowers to create one loan amount, including a repair and renovation budget to make repairs and home improvements, that are permanently affixed to the property, which when:
    • Purchasing a house can be combined with the purchase price
    • Refinancing an existing loan can be combined with the current mortgage payoff amount and closing costs
  • Greater appraised value. The Appraiser will determine the property value based on the "after-completed value" Vs. the current value of the property without the anticipate improvements
  • Repairs can be used for minor or major repairs, including improvements to outdated homes, structural deficiencies, additions, expansions, and even addition of decks, pools, and landscaping
  • On purchase transactions, down payment as low as 3% of the combined purchase price and renovation budget
  • On refinance transactions equity position required as low as 3% of the after-completed appraised value
  • Minimum 620 middle credit scores required
  • Safe, secure 15 and 30 Year fixed rate mortgage
  • Seller closing cost help up to 6% of the purchase price permitted

Conventional HomeStyle Renovation Loan Qualification Requirements

  • There are no minimum dollar amount for repairs
  • Repairs and renovations must be permanently affixed to the property
  • The renovation loan can’t be used for complete tear-down and rebuilds
  • If the renovation type is either structural or the total repair budget exceeds $35,000 a HUD Consultant will be required to oversee the project
  • Property, including projected repairs from the Contractor Proposal, must meet conventional appraisal guidelines
  • Renovations must be completed in six months
  • A single third-party General Contractor must complete all repairs (i.e. no self-help allowed, only one General Contractor allowed)
  • All borrowers on the loan must have a minimum 620 middle credit score
  • Loan program follows Fannie Mae foreclosure or short-sales and bankruptcy guidelines

Conventional HomeStyle Renovation Loan Eligible Repairs:

    Eligible Repairs:
  • Any repair type that is deemed reasonable and beneficial to the property value, that is permanently attached to the property, and even addition of decks, pools, and landscaping
  • Examples include:
    • Structural alterations and additions
    • New central air/heat, plumbing, and electrical systems
    • Minor repair to existing septic systems
    • Repair termite or moisture damage
    • Remodeling kitchen and bathrooms
    • Energy conservation improvements
    • New appliances
    • Addition or replacement of exterior decks, patios, and porches
    • Major landscaping and permanent hardscape (i.e. driveways, walkways, retaining walls)
    Ineligible Repairs:
  • Complete tear-down and reconstruction of the dwelling
  • Physical relocation of a home from another loan isn’t permitted
  • Generally any repair type that isn’t attached to the primary residence
  • Improvements for business or commercial purposes
  • Items that will not increase the value of the property