Back to Find Financing Print Preview >

Fannie Mae Homestyle Renovation Mortgage by Contempo Lending

Fannie Mae Homestyle Renovation Mortgage by Contempo Lending
Lender: Contempo Lending
Contact Information
Website: www.ContempoLending.com
Phone: (760) 219-8812
Email: Wade@ContempoLending.com
Property Types
Program Description
Fannie Mae's Homestyle Renovation Mortgage helps homeowners finance the cost to repair, improve or upgrade their home as part of an insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through a Fannie Mae-approved lender, such as imortgage. The additional renovation project cost available to the homeowner through the Homestyle Renovation Mortgage is limited to 50% of the “as completed” appraised value of the home. As with any typical mortgage, the Homestyle Mortgage can be structured in many different ways that may include closing costs, fees or points. Additionally, it may include a monthly mortgage insurance fee.
Fannie Mae's Homestyle Renovation Mortgage helps homeowners finance the cost to repair, improve or upgrade their home as part of an insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through a Fannie Mae-approved lender, such as imortgage. The additional renovation project cost available to the homeowner through the Homestyle Renovation Mortgage is limited to 50% of the “as completed” appraised value of the home. As with any typical mortgage, the Homestyle Mortgage can be structured in many different ways that may include closing costs, fees or points. Additionally, it may include a monthly mortgage insurance fee.
Verified by Lender on: 9/21/2016
Types of Financing
Secured
Financing & Payment Information
Term (years):
15, 1
Minimum Amount:
$50,000
Maximum Amount:
$0
Fees:
None
Money Down Required:
Yes
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects - For example, some financing may be primarily for energy efficiency projects; however, it may allow 30% of the financing to fund other water efficiency or renewable projects.
Funds other energy-related projects - For example, some financing may also allow funding for projects in relation to installing the approved product, such as mold or asbestos remediation.
Funds other non-energy projects - Some financing may allow funding for non-energy projects, such as a kitchen or bath remodel, or seismic upgrades.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No

Financial Products

Lien type Secured loanSecured loan
Re-Payment Method Off-bill loan (Direct to Lender)Off-bill loan (Direct to Lender)
Property Types
Automatic payment option available YesYes
Requires utility incentive program participation NoNo
Must use Program's pre-approved contractors NoNo
One-time fees (% of total financing)
One-time fees (fixed)
Ongoing fees
Financing Amount $50,000 +$50,000
Financing Term (yrs.) 15 year(s)1 year(s)
Rate Market Rate0%
Money Down Required? YesYes
Credit Enhancement Available Yes - Insurance
Risk Mitigation Insurance
Transferrable NoNo
Prepayment Penalty or Fee NoNo
Tax Deductibility YesYes
Minimum Credit Score Required
Equity in Property Required YesYes
Debt to Income Ratio Required YesYes
Involuntary Property Liens Allowed NoNo
Foreclosures Allowed
Bankruptcies Allowed
Mortgage Lender Consent/ Acknowledgement NoNo
Must be current on property taxes YesYes
Must be current on mortgage YesYes
Loan to value
Debt Service Coverage Ratio Yes: 0Yes: 0
Financing Approval Time More than 48 hoursMore than 48 hours
Projected Energy Savings/Cash Flow is considered NoNo
Must be current on utility bill NoNo

Upgrades Covered

No Results

FAQ's

Through our Contractor Marketplace, you can search for contractors and find the right fit for your project. You find out details about the contractor such as what types of certifications they have and where they are located. You can also directly find reviews when available. From there it is easy to connect and get started with your projects. A quality installation of equipment increases the benefits and efficiency of your new equipment.