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!
Awesome, @Orion Walker -- congrats!
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.
@Orion Walker congrats! Thanks for the information!
Congrats, have to look into that.
Congrats on the closing. Thanks for the acknowledgement, happy to add value.
Congrats! The house is adorable- hope you make a bundle on it. Post pics when you're done!
@Orion Walker congrats! post your progress!
Awesome and thanks for sharing!
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!
Congrats! Anxiously waiting for those numbers ;-)
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?
@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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