Renovation · Conventional

HomeStyle Renovation Loan

Fannie Mae's HomeStyle is the flexible conventional renovation loan — it finances almost any improvement, including luxury upgrades, on primary, second, and investment homes, with cancellable mortgage insurance instead of FHA's lasting premium.

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HomeStyle at a glance

Conventional, flexible, fewer limits

From 3%
Low down payment on a conventional loan, with cancellable mortgage insurance — no lasting FHA premium.
Any reno
Finances nearly any improvement, including luxury items like pools — no structural restrictions.
1–4 units
Works on primary, second, and investment homes — far broader than FHA 203(k).

Renovation budgets are based on the home's after-completed value, within Fannie Mae's guidelines. Terms are set by Fannie Mae and the lender and change periodically — confirm with Bond Street.

Why buyers choose it

Renovation without the FHA constraints

Improvements without limits

Finance kitchens, additions, pools, landscaping — virtually any permanent improvement that adds value.

Investors welcome

Unlike FHA 203(k), HomeStyle can be used for second homes and investment properties, not just primary residences.

Mortgage insurance that ends

As a conventional loan, PMI cancels at 20% equity — avoiding FHA's premium that often lasts the life of the loan.

Based on after-reno value

The loan is underwritten on what the home will be worth once complete, helping you build equity through the work.

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Eligibility

What it takes to qualify

  • Conventional credit and income guidelines — typically stronger credit than FHA
  • Low down payment available (as little as 3–5% depending on occupancy and program)
  • Eligible for primary residences, second homes, and investment properties (1–4 units)
  • Renovation budget based on the home's after-completed value, within Fannie Mae guidelines
  • Work performed by an approved contractor; funds released from escrow as work is completed

Common questions

HomeStyle FAQs

How is HomeStyle different from FHA 203(k)?

HomeStyle is conventional — stronger credit, cancellable PMI, and it allows investment properties and luxury improvements. 203(k) is government-insured with more flexible credit but is limited to primary residences and carries lasting FHA mortgage insurance.

Can I use HomeStyle for an investment property?

Yes. HomeStyle works for primary residences, second homes, and investment properties of 1–4 units — a key advantage over FHA 203(k).

What kinds of improvements are allowed?

Nearly any permanent improvement that adds value, including luxury items like pools — there's no structural restriction the way some programs impose.

How is HomeStyle different from CHOICERenovation?

They're close conventional cousins — HomeStyle is Fannie Mae's, CHOICERenovation is Freddie Mac's. Your lender uses whichever fits your file best.

Our trusted lending partner

Bond Street Mortgage

We work hand-in-hand with Bond Street Mortgage, serving Bergen, Passaic, Morris, Hudson, and Essex counties. Their team coordinates with us from pre-approval through closing.

Talk to the team

Plan your renovation with confidence

Reach out and we'll connect you with the right loan path and a pre-approval that holds weight in a competitive market.

(201) 240-5200  ·  chopper@chopperrussoteam.com
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RE/MAX Select — Chopper Russo Team. Thomas "Chopper" Russo, 392 Ramapo Valley Rd, Oakland, NJ 07436. Not a commitment to lend. Loan products, rates, renovation guidelines, mortgage insurance, and approval are provided by Bond Street Mortgage and Fannie Mae subject to their terms and qualification.

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