Fannie Mae Homestyle Renovation Maximum Mortgage Worksheet
Contents
Fannie Mae Date: A. Loan Parameters Totals 1. % Applicable LTV B. Property Information 1. sales price (purchase transaction) 2. First Mortgage Pay-Off and eligible liens (refinance transaction) 3. estimated "As Completed" Value (after improvements) C. Alterations, Improvements, and Repairs 1. Alterations, Improvements, and Repairs a. Hard Costs (Labor/Materials)
2) the "As-Completed" value. Lenders should use the HomeStyle Renovation Maximum Mortgage Worksheet (Form 1035) to calculate the maximum mortgage amount. This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide.
HomeStyle Renovation Maximum Mortgage Worksheet . This worksheet may be used to calculate the mortgage amount for a purchase or refinance transaction for the . HomeStyle Renovation Mortgage. Borrower Name: Date: A. Loan Parameters Totals . 1. % Applicable LTV . 2.
Fannie Mae Homestyle Renovation Mortgage HomeStyle Renovation and HomeStyle Energy – products that could help you take advantage of trends in the housing market. HomeStyle® Mortgages for Real Estate Professionals Market Opportunity
This worksheet is used to calculate the mortgage amount for a HomeStyle Renovation Mortgage. Purchase Refinance Sales price NOTE: Cannot exceed A2 x B2 First mortgage payoff and eligible liens Total Alterations, Improvements, and Repairs (total of C1a to C1g) 4. Eligible Payoffs and Improvement Costs (B1 + c2) closing costs Not Paid with Lender.
· Fixing up a home is expensive. If you want to do it right after purchasing a home, it might not be a possibility for you after you make your down payment and pay the closing costs. One option you can utilize if you qualify for conventional financing is the Fannie Mae HomeStyle Renovation Mortgage.
FNMA HomeStyle Renovation Page 1 of 5 Effective 10-2-13 Product Types 10- 30 year fixed Sales Focus HomeStyle enables homebuyers and homeowners to finance either the purchase or a refinance of a house and the cost of its rehabilitation through a single mortgage. The extent of the rehabilitation may range from relatively minor to virtual
Benefits Of Fannie Mae HomeStyle Loan. With the HomeStyle Mortgage, the minimum loan amount is $50,000 and the maximum loan amount is in reference to the conforming loan limit ($471,000).
Fannie Mae Minimum Down Payment Technically you will need a minimum credit score of 620 or higher to qualify for a decent Fannie Mae or FHA-backed mortgage, understanding fannie mae guidelines may make it easier for you to buy a home or refinance an existing For these loans, the minimum down payment is just 3% (based on an LTV ratio of 97 Understanding Fannie Mae’s credit score requirements.
HomeStyle Renovation Mortgage Maximum Mortgage Worksheet This optional worksheet may be used to calculate the mortgage amount for a purchase or refinance transaction Using the Fannie Mae HomeStyle Renovation loan to finance home improvements can be cheaper and more efficient than the fha 203k rehab loan.