NAN is the AMC that understands Renovation Loan Appraisals!
Did you know that NAN has a dedicated team that exclusively manages renovation loan appraisals?
Our specially trained team understands the specific scope of work and reporting requirements for each of these loans, and works exclusively with a panel of appraisers nationwide that specialize in renovation loan appraisals.
Renovation Loans
Fannie Mae HomeStyle Renovation Mortgage
A Fannie Mae HomeStyle loan provides funding from private lenders. This loan is technically capped at 80% of your finished home’s value.
Unlike the FHA 203(k) standard or limited loan, you can fund luxury improvements such as:
- An inground pool
- A remodeled kitchen or bathroom
- Room additions
- A backyard deck
In addition, you can use a HomeStyle loan to renovate an investment property as well as your primary residence.
FHA 203(K) Rehab Loan
Federally backed and designed to help borrowers who would benefit from flexible credit and debt-to-income ratio requirements.
While the application of the funds you receive are wide-ranging, there are some requirements you’ll want to consider. FHA 203(k) loans:
- Are only applicable to primary residences
- Focus on repairs and structural changes
- Establish an escrow account that holds the money for your contractor
Here's How It Works
FAQs
A renovation mortgage loan allows borrowers to buy the home they want and pay for their desired renovations and repairs all under a single loan.
There are three main renovation loan products available to borrowers:
- Fannie Mae HomeStyle Renovation Mortgage
- FHA 203(k) Rehab Loan
- VA Renovation Loan
The appraiser must provide an “as completed” or “as repaired” appraised value that estimates the value of the property after completion of the renovation work.
The appraiser must review the plans and specs of the renovation including the changes, the cost of the changes and the estimated completion dates(s).
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