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Are condo's eligible for fannie mae Homestyle

I am drawn to older buildings and the unit kitchens all need work so I wanted rehab funds if possible. If the Homestyle program doesn not allow for condo is there another renovation loan for this? by bando_ryan1008904 from Atlanta, Georgia. Nov 18th 2014 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Yes, that is possible as long as allowed by the regime requirements. Of course the development needs to meet guidelines to allow for any conventional financing. We also offer a more limited conventional renovation loan that allows up to $35,000 in non-structural improvements after closing. pdumouchel@primelending.com or 843-619-6025 http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Nov 18th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

The short answer is yes... you can use HomeStyle for condo's.. in reality, it can be difficult since financing for condo's require a questioner and many more additional guidelines relating to the development's occupancy, investor owned, default rate and reserves amongst other things.. For this reason, the majority of condo developments are not eligible for conforming financing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 18th 2014
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Larry Gray (lgray_312_247)
#565 ranked lender in California - 1,127 contributions

I would add to the excellent answers by Phil Dumouchel and William Acres that in regards to the stricter eligibility requirements for condos that exceptions can be made for primary owners by some lenders (i.e. regarding percentage of investor owned units.) I recommend you get qualified for the loan by Phil Dumouchel as I think he can do loans in Georgia as well, or some other experienced broker in Georgia!

Nov 18th 2014
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