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HomeStyle Renovation Loan

Turn your fixer-upper into your dream home.

The Fannie Mae HomeStyle Renovation program lets you buy a home or refinance an existing home and include funds for improvement or repairs in the new loan amount. The program provides a simple, flexible and affordable way for borrowers to make renovations, repairs or improvements. With a single-loan process, borrowers will enjoy saving time and money over more costly financing methods like credit cards or a home equity line of credit.

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Features

  • Maximum loan amount $510,400 (may be higher in some counties).
  • May be primary, second home or investment property.
  • Multiple types of repairs or improvements allowed.
  • Up to 97% loan to value for purchase scenarios.
  • Upfront draws allowed up to 50% of material costs.
  • Manufactured home improvements allowed under certain criteria (renovations capped at lesser of $50,000 or 50% of the as-completed value).

The Peoples Bank Difference

Whether you’re in the market to buy your first home, dream home or vacation home, our goal is simple – let’s make it work.

There are countless reasons to choose Peoples Bank for your home loan – from local loan decisions and on-time closings to great rates and fair terms, but we think the best reasons are our people. Our best-in-the-business team of loan professionals is ready to assist you every step of the way.

 

Questions? We’re here to help!

Email us or call (800) 584-8859

Subject to credit approval. Available to non-owner and owner-occupied, single-family residences. Hazard insurance on the subject property is required. If the property is located in a Special Flood Hazard Area, we will require you to obtain flood insurance. Funds for renovation costs may be capped on certain property types.

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It’s easy and you’ll have a decision faster than you’d expect.

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Find a Home Loan Specialist

Contact a home loan specialist today for information on rates and the type of loan best suited for your needs.

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Loan Calculator

Should I buy a home or rent? How much would my monthly payment be? Our mortgage calculators can help you decide.

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Endless Possibilities

Here are some examples of what our clients have used renovation financing for:

  • Replacement of roof, siding, windows and gutters.
  • Adding or expanding bathrooms, kitchens or garages.
  • Major landscaping or site improvements.
  • Enhancing accessibility for disabled persons.
  • Finishing a basement, deck or patio.
  • Adding or repairing a swimming pool.
  • Constructing an auxiliary dwelling unit.