The Homestyle Renovation loan is very much like the FHA 203k product in that it allows a borrower to make repairs or upgrades to a property and finance them into the mortgage. The Homestyle renovation product has no minimum repair requirements, and it can be used on primary residences as well as second homes and investment properties.
UPDATE: As of October 7, 2014, Fannie Mae eliminated the HomePath and HomePath Renovation and are in the process of removing all HomePath logos from properties listed on the HomePath web sites and Fannie Mae REO properties. All HomePath contracts must have an executed date on or before October 6, 2014, to still be eligible for HomePath financing.
Credit score requirements for a Homestyle renovation loan do differ from a regular conventional loan.
- 660 minimum credit score for primary residences and second homes
- 700 miniumum credit score for self-employed borrowers
- 720 minimum credit score for investment properties