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.
- Maximum loan amount $548,250 (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.