LOAN PROGRAM · FANNIE MAE · CONVENTIONAL
Conventional renovation financing for primary homes, second homes, and investment properties.
As low as 3% down
Fannie Mae's HomeStyle Renovation loan is the conventional alternative to the FHA 203k. Qualifying buyers can put as little as 3% down, and there's no upfront FHA mortgage insurance premium — private mortgage insurance cancels once you reach sufficient equity, which can mean meaningfully lower long-term costs.
HomeStyle is also more flexible about property types: primary residences, second homes, and one-unit investment properties are all eligible, and so are improvements FHA won't touch — including luxury items like pools and outdoor living projects.
Renovation funds are limited to 75% of the after-completed value, and loan amounts follow conforming limits, which run higher than FHA in most counties.
Program terms, limits, and eligibility are set by the insuring or guaranteeing agency and vary by lender and county. A licensed renovation lender can confirm exactly what your scenario qualifies for.
Get straight answers about your scenario — no pressure, no call center.