HomeStyle® Renovation Mortgage Loan is less flexible then a 203K. You need Higher FICO Scores and Lower debt-to-income ratios.
The HomeStyle® Renovation Mortgage enables a borrower to obtain a purchase mortgage or a remodel refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
With as little as a 10% equity you can add your taste & style to a house to make it your home with remodelling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle® Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.