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Answers (13)
- Ben Coulter, "uptownmortgage"
- Contributions:3
We do the Homestyle loan for investors in Minnesota and other Midwest states. Feel free to look us up if you have any questions.
www.UptownFinancial.com
www.UptownFinancial.com
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jonathan,
I worked for Wells for 13 years, you are not doing a Fannie Homestyles loan. Your doing the loan under Freddie's Construction and Renovation program. What I learned when I left Wells is that when you originate loans for Wells they almost brain wash you into thinking they offer things other lenders can't, when in reality they sell the exact same products but have creative names for them.
I think Wells is a great company, although I am much ahppier where I am now than I was when I left Wells. But each to their own.
I worked for Wells for 13 years, you are not doing a Fannie Homestyles loan. Your doing the loan under Freddie's Construction and Renovation program. What I learned when I left Wells is that when you originate loans for Wells they almost brain wash you into thinking they offer things other lenders can't, when in reality they sell the exact same products but have creative names for them.
I think Wells is a great company, although I am much ahppier where I am now than I was when I left Wells. But each to their own.
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
Andrew, if we sell it to Freddie then great (we are typically a Freddie shop), but under our HOMESTYLE guidelines we allow multi-unit investor
Sometime it sucks to work for a bank and sometime it doesn't. If you are in the reno business, then there is clearly one bank who offers more variety than the rest.
- Andrew Adams, "203K Specialist"
- Contributions:9349
20%
Jon,
Your selling the loan to freddie mac. Homestyle is a fannie mae trademark.
- Jsrd
- Contributions:14
in my case I'm considering single unit properties.
Can you tell me what downpayment is required for the inv. properties?
Thanks,
Can you tell me what downpayment is required for the inv. properties?
Thanks,
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
Our guidelines for the Homestyle allow it.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jonathan it is not a homestyle loan!
Read page 3 eligible properties!
"One unit second homes or investment properties are permitted.
That is a link directly to Fannie Mae, not my website!
Read page 3 eligible properties!
"One unit second homes or investment properties are permitted.
That is a link directly to Fannie Mae, not my website!
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
I guess we do, I am looking at our guidelines right now and multi-unit investor is allowed. I'd hope so, I have an approval on one as we type.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Brad,
You need to review your homestyles guidelines. Investors are only allowed on Single Family Homes. Unless you work with a different Fannie Mae than everyone else!
You need to review your homestyles guidelines. Investors are only allowed on Single Family Homes. Unless you work with a different Fannie Mae than everyone else!
- Jsrd
- Contributions:14
I'm in VA
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
I do, all 50 states. Great product, available to investors and owner occupants. Multi family is fine. I am doing quite a few "income properties" where owner occupants are expanding their current residence from a one unit to a two unit to generate some additional income to help cover the mortgage.
Fannie Mae Homestyle Renovation Loans
Fannie Mae Homestyle Renovation Loans
- Andrew Adams, "203K Specialist"
- Contributions:9349
It is only available on single families to investors. What state are you in?
- Ryan Halset, "RyanHalset"
- Contributions:730
I may have a referral for you - shoot me an email/call if interested. Info is on my profile.
who offers homestyle renovation loans?
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