The Standard or Limited FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage.
The VA Renovation Loan brings together some of the most innovative and attractive features of several popular mortgage programs.
The Fannie Mae HomeStyle is a renovation loan that can be used on new home purchase as well as refinance.
FHA 203k Standard
FHA 203k Limited
Fannie Mae HomeStyle
|Minimum Credit Score||600||600||620||620|
|Debt-to-income ratio||55%||55%||50%||AUS Approved|
|HUD Consultant||Required||Not Required||Required if costs exceed $35k or there are structural repairs||Not Required|
|Amount of Draws||Up to 5 draws||2||Up to 5 draws|
|Minimum/Maximum Cost of Repairs||$5,000 - Unlimited||No minimum - $35,000||No minimum Federal Housing Financing Agency (FHFA) Loan Limits||No minimum - $35,000|
|Down payment required||3.50%||3.50%||5% for 1-unit owner-occupied. Changes based on property detail||No Down Payment Required|
|Eligible Properties||1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use||1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use||Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo||1 unit Residence, 2 unit residence|
|Notes||Must live in property for 1 full year after renovation completion||Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.||May only be used for minor remodeling and non-structural repairs. Max construction time is 4 months.|
|Occupancy||Primary Only||Primary Only||Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.||Primary Only|