DREAM HOME RENOVATION PROGRAM (WHICH INCLUDES THE FHA 203K AND FANNIE HOMESTYLE PROGRAM) Create your own dream home rather than walking through other people’s ideas of one. If you can dream it, this program can make it a reality.
allows buyers to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage. The loan amount is based on the future assessed price of the home, which helps expand the purchase market to provide financing for short sale or foreclosure properties in need of renovation. The renovation and/or repairs are completed after the close of escrow.
Home Ready by Fannie Mae
As an alternative to the FHA program, Home Ready is a conventional 3% down* mortgage loan with even more flexible income qualification guidelines. In addition, Home Ready may have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.