The Fannie Mae Homestyle Loan Explained For Seattle Home Buyers
Sometimes a house needs major renovations in order to become your dream home. The Fannie Mae HomeStyle Renovation Mortgage is intended to assist home buyers in purchasing a home that needs work, often first-time home buyers. Basically, this kind of mortgage allows a home buyer to bundle the costs of buying with the remodeling/renovation expenses and make only a single monthly mortgage payment. These mortgages were also created, according to those in the financial arena, to help "lenders cope 'with constrained housing supply and evolving borrower needs,' since they allow buyers to purchase a home they may not be able to buy without additional financial help." To help you figure out whether this is right for you, here is the Fannie Mae HomeStyle Loan explained for Seattle home buyers.