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, 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

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!


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.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here