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  • Homepath Renovation Mortgage Completion Form - Fannie Mae

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El and modify the form to comply with all applicable laws. This Form must be executed by the Borrower, the Contractor, and, if applicable, the Inspector, and must be submitted to the mortgage lender. Fannie Mae or Lender Loan Number: Name and Address of Lending Institution: Name and Address of Borrower(s): Address of Improved Property: Inspector (if applicable): Summary of On-Site Home Improvement Inspection: Borrower: (We) certify that: (1) The loan proceeds have been spent only to purcha.

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The Fannie Mae HomeStyle loan is a conventional mortgage option for those who want to finance renovation costs at a lower interest rate.

For example, a HomeReady HomeStyle Renovation mortgage must be a principal residence transaction, whereas standard HomeStyle Renovation permits second homes and investment properties.

Appraisal Requirements The appraisal report for a HomeStyle Renovation mortgage must provide an “as completed” appraised value that estimates the value of the property after completion of the renovation work.

Renovation or repair requirements: Any type of renovation or repair is eligible, as long as it is permanently affixed to the property and adds value. Renovations should be completed within 12 months from the date that the mortgage loan is delivered.

Many often wonder: Is there a way to add renovation costs of my new home to a mortgage? The short answer is: Yes. While you'll likely have additional questions, it's best to contact a reputable lender, such as Contour Mortgage for guidance when choosing the right rehab loan for your project.

The HomeStyle® Renovation (HSR) Mortgage permits borrowers to include financing for home improvements in a purchase or refinance transaction on existing homes.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation loan after all of the renovation work has been completed and the certification of completion has been obtained.

The Fannie Mae HomeStyle Loan functions a bit differently than a regular conventional loan. The money is dispersed to pay for the home purchase at closing, but in order to use the funds for renovation, an approved contractor must submit plans to the bank for a “draw” to get paid.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232