HomeStyle Loan Clarification

[Larry H.]

Are there any experienced lenders or individuals who have used a HomeStyle Reno loan? I've received conflicting information about how the loan can be structured. I've been quoted 1) 5% down, with a Reno budget of 75% of the ARV or 75% of the purchase price plus the renovation, whichever is lesser. 2) 75% of the ARV for a total loan amount with 5% down which is a very different number. Seeking clarity.