What credit score do you need for a HomeStyle renovation loan?
A 620 credit score
Credit score and debt-to-income ratios
You'll need at least a 620 credit score for a Fannie Mae HomeStyle loan, while the maximum debt-to-income (DTI) ratio is 45%. These requirements are more stringent than the 580 FICO Score required for the government-backed FHA 203(k) program.
What is the income limit for Fannie Mae HomeStyle?
No income limits
Income limits: This program has no income limits. Credit: The borrower's credit score influences the loan parameters. The minimum credit score is 620. Fannie Mae uses trended data in its credit risk assessment including those loans submitted through Desktop Underwriter®.
What is the Fannie Mae HomeStyle loan?
The Fannie Mae HomeStyle loan is a conventional mortgage option for those who want to finance renovation costs at a lower interest rate. Though it's a great fit for many homeowners, it's not perfect for everyone or every renovation project.
Is a HUD consultant required on a HomeStyle renovation loan?
203k Loan Consultant Requirements
So, when renovation costs exceed $35,000 or are structural renovations, the FHA 203k and HomeStyle standard program guidelines take over. These always require a HUD consultant.
What banks use Fannie Mae?
|FBC Mortgage, LLC
|Fifth Third Bank
|Finance of America Mortgage LLC
|First Reliance Bank