- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (15)
- RemembertheAlamo
- Contributions:1
Live in Texas (Houston) and looking for a lender that handles FNMA Homestyle Loans. cannot find anyone. Anyone know someone that has experience closing these type loans? Why are there so few outlets for these? .
- Andrew Adams, "203K Specialist"
- Contributions:9349
Brent,
Love having you as a contributer. Not such a fan of your dredging up 2 year old threads to post spam! Good neighbor policy...no posting contact info or links to your website.
Love having you as a contributer. Not such a fan of your dredging up 2 year old threads to post spam! Good neighbor policy...no posting contact info or links to your website.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
[Promotional content removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
- Justin Kennedy, "thatloanguy"
- Contributions:43
This program has very few outlets. try Wells Fargo Retail. if you want a contact number of a loan officer in there renovations lending divison. conatct me thru the zillow private mail.
- Keahi Selhorst, "loangoose"
- Contributions:17
I believe you meant HomePath instead of homestyle. Those lenders can be found on FannieMae's website. Look to the right and you'll find the HomePath site. and you want to make sure that they have the 
Renovation Mortgage Home PATH designation. You'll save a lot of time dealing with the few lenders that can actually get it done for you.
Good Luck
Renovation Mortgage Home PATH designation. You'll save a lot of time dealing with the few lenders that can actually get it done for you.Good Luck
- Brian Boyle, "thelender"
- Contributions:1
Prime Lending offers this program. What state are you in?
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
This is a loan for experienced renovation loan officers only. You need to find out how many your LO has closed and who is servicing the draws before you move forward. It's a great loan in the hands of an experienced LO.
[content removed by Zillow due to spam. Please refer to our Good Neighbor Policy for details.]
[content removed by Zillow due to spam. Please refer to our Good Neighbor Policy for details.]
- Jay Sondhi, "jaysondhi"
- Contributions:8
Andrew and Barry,
Before I worked in retail, I worked as a wholesale rep and trained many brokers like you to complete CTP transactions from start to finish!
While the Homestyle product is new to me, construction loans are not. I can't tell you how many of these I've actually "processed' for brokers in my days as a wholesale rep! I have 7 years experience. It's not rocket science.
Good advice though. You don't want to do a construction loan with someone who hasn't done one in the past. I've witnessed the nightmares and helped prevent them as well.
I would recommend trying to find a local lender in your area. It shouldn't be difficult.
Before I worked in retail, I worked as a wholesale rep and trained many brokers like you to complete CTP transactions from start to finish!
While the Homestyle product is new to me, construction loans are not. I can't tell you how many of these I've actually "processed' for brokers in my days as a wholesale rep! I have 7 years experience. It's not rocket science.
Good advice though. You don't want to do a construction loan with someone who hasn't done one in the past. I've witnessed the nightmares and helped prevent them as well.
I would recommend trying to find a local lender in your area. It shouldn't be difficult.
- Barry Dalton, "Barry Dalton"
- Contributions:492
I agree with Adam's advice.
There is a learning curve with product and some investors will require training and or previous experience prior to allowing participation in the product.
There is a learning curve with product and some investors will require training and or previous experience prior to allowing participation in the product.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jay,
I have been writing renovation loans for 10 years. I have seen more than one botched by somone that does not do them regularly. I would strongly suggest anyone that is nterested in a renovation loan to work with someone that has experience with them.
If it is somthing you want to get into I would suggest finding a seasoned renovation loan officer to help you through the learning curve.
I have been writing renovation loans for 10 years. I have seen more than one botched by somone that does not do them regularly. I would strongly suggest anyone that is nterested in a renovation loan to work with someone that has experience with them.
If it is somthing you want to get into I would suggest finding a seasoned renovation loan officer to help you through the learning curve.
- Jay Sondhi, "jaysondhi"
- Contributions:8
I have a lender who will do homestyle mortgages. Â It looks like for investment properties, you will need to have a low-middle credit score of 720 to get it.
The maximum LTV is 75% based on the lesser of: 1)"as-is" purchase price, renovation costs, contingency costs (if financed), eligible soft costs and interest reserve or 2) the "as completed" value of the home.
So it sounds like you will need to come in with some cash to make this hapen.Â
Let me know if I can help any further.
The maximum LTV is 75% based on the lesser of: 1)"as-is" purchase price, renovation costs, contingency costs (if financed), eligible soft costs and interest reserve or 2) the "as completed" value of the home.
So it sounds like you will need to come in with some cash to make this hapen.Â
Let me know if I can help any further.
- Jay Sondhi, "jaysondhi"
- Contributions:8
The homestyle loan sounds like a very interesting program. I've done some research into the homestyle program and it looks like I have only one lender who will do them. I will be checking in on my other lenders in the morning.
It's very interesting to note that this program will allow for investment properties!
Thanks for the question. I learned something new today.
Jay
It's very interesting to note that this program will allow for investment properties!
Thanks for the question. I learned something new today.
Jay
- Andrew Adams, "203K Specialist"
- Contributions:9349
Can't use the 203K on an investor loan.
I would suggest a local bank that does construction lending.Â
I would suggest a local bank that does construction lending.Â
- healey2008
- Contributions:1
We are doing an 203k loan through Metropolitan Mortgage. His name is Skip. We are renovating a bank owned property that was stripped. He has been wonderful. He is in CA - SSchenker@mthm.com. His phone number is 714-681-3768 cell and office 949-428-0169.
We had trouble finding someone also. Good Luck!
We had trouble finding someone also. Good Luck!
Who offers FNMA Homestyle Renovation Loans?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.