To help home owners create the home of their dreams, Fannie Mae has introduced the HomeStyle Renovation loan. The HomeStyle loan is Fannie’s version of a construction loan, with flexible down payment requirements and lending guidelines.


Eligible Properties:

  • Primary residence, 1-4 units
  • One-unit second homes

Down Payment Requirements: 

Owner Occupied (purchase or refinance)

  • One Unit: 5% down/equity fixed rate
  • Two Units, Multi Fam: 15% down/equity fixed rate
  • Three to Four Units: 25% down/equity fixed rate

Second Home (purchase or refinance) 10% down/equity fixed rate

Mortgage Types:

15 and 30 year fixed

Loan Includes (must be lender approved)

  • Architects/designer expenses
  • Energy efficiency assessments
  • Engeineering and design updates
  • Required inspections
  • Permit fees