Conventional financing won’t work on an unfinished property. FHA 203K loans require a Certificate of Occupancy which is unattainable if the property was never finished. If you lack the funds to purchase in cash you have but one option, the FANNIE MAE HOMESTYLE renovation loan. How does it work?
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FHA 203K or Fannie Mae Homestyle — Which Renovation Loan is Right for Me?
I get lots of questions about renovation loans and which one is the right a particular situation. Many people are quickly becoming familiar with the FHA 203K, but not so many know about its conforming sister the Fannie Mae Homestyle. So, when is the Fannie Mae Homestyle the right loan?
