Conventional Manufactured Home Renovation Loans
Land owned manufacrtured home are now eligible for renovation financining under the Fannie Mae HomeSytle Guidelines. The Fannie Mae HomeStyle Renovation loan allows borrowers to purchase a home that needs repairs, or refinance their existing home, and include the necessary funds for renovation in the balance of the new loan.
- Provides a simple and flexible way for borrowers to renovate or make home repairs with a conventional first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing
- Total renovation costs greater > $200,000 require a second level review prior to approval
- Minimum FICO of 620
- No minimum dollar amount required for repairs
- 15-year and 30-year fully amortizing fixed term options
- Loan amount based on “as-completed” value
- Can help save loans that have repair contingencies
- Not just for owner occupied
- Luxury improvements allowed
Here is an overview of the eligibility requirements for this loan program. View the Guidelines for the complete eligibility requirements.
- Repairs may be structural or non-structural
- Eligible property types:
- 1-unit second homes
- 1-unit Investment
- FNMA approved condos
- Multi-wide Manufactured Home
- Repairs or improvements must be permanently affixed to the real property and add value to the property
For information or for a direct quote, contact Compadre Mortgage.