The FNMA HomeStyle Loan enables you to include in a single mortgage the purchase of a house and the costs associated with repairing or renovating it to make it your new dream home. This is ideal for homes that are bank or HUD owned, sold as a short sale, or have deferred maintenance issues.

Loan program terms and conditions are subject to eligibility and credit approval. Loan program terms and conditions are subject to change. Consult with a loan officer for additional program details.

Rev 5-19-18

General Requirements *• Available for 1-4 unit owner occupied, second homes,• and single family investment properties.• Purchases and Re�nances.• Borrower must meet standard FNMA qualifying• requirement.• Minimum 640 FICO credit score.

Non-Structural HomeStyle *• Funds can be used for minor repairs or improvements• such as paint, siding, furnace, septic repair, new appliances,• kitchen, and bath remodels.• Maximum $35,000 for renovation including all associated• fees.• Up to three Village Mortgage approved contractors can be• used.• No funds are disbursed at closing. The �rst disbursement• can be requested after approximately 50% of the contractors• work is complete.• Project must be completed in six months.

HomeStyle™Renovation Loan

Structural HomeStyle *• Funds can be used for structural and/or extensive repairs or• remodeling. Structural repairs are de�ned as any change to• the foundation footprint of the home, foundation repairs,• changes to interior or exterior wall location, alteration to• windows or door placement or changes to the home’s �oor• plan.• Minor repairs like �ooring, painting, siding and so on may• also be included.• Maximum renovation costs and fees cannot exceed 50% of• the lesser of the purchase price (if applicable) or current• appraised value.• A HUD Consultant is utilized to oversee the project.• Up to three Village Mortgage approved contractors may• be used, but one licensed General Contractor is• recommended.• No renovation monies are disbursed at closing.• There are up to �ve disbursements payable to the• contractor(s) as the project progresses.• Project must be completed in six months.