Basic square foot pricing to estimate a total allowance of costs ($500- $800 per Sqft) Additional Cost Items are estimated and include: Septic Upgrade HVAC Upgrade Electrical Service Upgrade Grading and Driveways Connection to existing house Reroof entire house if connection intersects existing roof New Siding / Paint entire house if deemed necessary

FAQs Archive

Q: Phase 1 - Feasibility

Preliminary research to see if an addition can be added to the property including: Property Setbacks Septic and Well Placement if not connected to City utilities

Q: Common Homestyle Loan Renovations

Installing new flooring Removing a load-bearing wall Installing solar panels Plumbing and electrical updates or repairs

Q: Homestyle Loan Requirements

50% Debt-to-Income Ratio 640 Min. Credit Score 2 Recent Paystubs List of Total Assets List of Total Debts Mortgage Insurance Independent Appraisal

Q: What is a Homestyle Loan?

A Homestyle loan is a long-term financing option available to owner-occupied homeowners and buy-and-hold investors that can be used to purchase and renovate a primary residence. This permanent mortgage is backed by Fannie Mae, and typically funds between 65% – 95% of a property’s price and renovations. In order to have their renovation budget approved borrowers must submit a detailed list of repairs, 2-3 licensed contractor bids from approved contractors, and a licensed contractor to oversee the renovations.

FAQs

Phase 2 – Budgeting

Phase 1 – Feasibility

FHA 203k / Homestyle Process

Common Homestyle Loan Renovations

Homestyle Loan Requirements

What is a Homestyle Loan?

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