Got this one thanks to BiggerPockets

28 Replies

A few months back I posted a question about renovation loan options. We needed a renovation loan but weren't eligible for 203K because we currently have an FHA loan. Big thanks to @Mike Martin  Who suggested we look into a little-known loan option called Fanie  Mae Homestyle. Fast forward a couple months through a slow escrow and we now have title and 65k renovation budget on this cute little two house fixer on a beautiful acre. 

Thanks Mike. Thanks BP. 

that is a cool looking house @Orion Walker  hope you dont mind sharing the numbers 

this will be a good read to follow 

hoping for pics and progress

With help from bigger pockets, the possibilities are limitless!  Please post the progress and results!

Congrats @Orion Walker  ! Looking forward to seeing what you do to the property.

That's a good looking house there, @Orion Walker congrats!

Congratulations!  I LOVE Bigger Pockets!

@Orion Walker  Congratulations!  I have been looking for a bank that does the Homestyle as well.  Great job landing one!

@Jason Krick , Yeah, apparently the Homestyle loan isn't very widely known. I had guy who's done lots of 203k's for many years say I was the first person that had ever asked about that loan by name. I hear more folks just started offering it recently. Seems like a good option to know about. Can be used for owner occupy or investment property.

Congrats on the closing.  Thanks for the acknowledgement, happy to add value.

I looked at the picture before I read the post....and thought "that looks like northern California. I wonder where that is?" -- then noticed you were from Ukiah! Small world -- my husband grew up there!

Looks like a great place!!

Congrats! Hope you don't mind sharing the #'s!


Flavio

Congrats! Anxiously waiting for those numbers ;-)

sweet house!

Thanks for introducing the Homestyle loan. 

Is this a flip or hold? Look For ard to seeing the progress.

Congrats! Wish you best of luck on it. Will be following.

Awesome! I need to find out about Homestyle loans!

Congrats!!! That's really amazing!!

I am confused Orion is one post you say you couldn't get a 203K loan and then in the second you imply that a Homestyle is a 203K.  Which is it?

Thanks

Martin

@Martin Scherer my understanding is that a 203K renovation loan is a type of FHA loan and you can only have one FHA loan at a time. The Fannie Mae homestyle loan is A renovation loan but it is not an FHA loan. So you can have an FHA loan and still be eligible for a Fannie Mae homestyle loan. The Homestyle loan can be used as an owner occupied loan with 5% down or as an investor loan with 20% down.

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