Tag: Renovation

Renovation Programs for a Second Home

Question: Our client has a second home that is paid for, gutted and without running water.  They want to take out a home loan to renovate the property to standard living conditions.  Is there an option for them? Answer: Yes! Fannie Mae offers what they call the HomeStyle® Renovation which supports second homes. Keep in […]

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Combining a 1st & 2nd Under a Rate/Term Refinance

Question: Our client has a 1st mortgage and then took out a 2nd [HELOC] to do a renovation.  All of the funds from the HELOC were used for renovation and we have receipts.  Can I do a rate and term refinance or is this considered a cash-out? MC Refinance Chart-All Agency Guidance Answer: For Fannie […]

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Freddie Mac – COVID19 Updates – Condo Projects – Appraisal FAQs – ChoiceRenovation

Written by:  Lloyd Rutherford, Staff Writer Effective Immediately with all loans in Process! Rule Synopsis: Freddie Mac issued another Bulletin (2019-11) related to the COVID-19 related issues and they also updated their FAQ document to add additional questions that have cropped up due to the pandemic. Freddie Mac is taking a different approach than Fannie […]

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Freddie Mac Selling Guide Updates – Bulletin 2019-14 – Dated June 19, 2019 – NEW MTP™ Freddie Mac ChoiceRenovation® Program

Written by: Lloyd Rutherford, Staff Writer More options for those of you in markets with lower inventory! Check out the new updates in Freddie Mac’s renovation program. I think you’re going to like how this program will help you generate more business. Rule Synopsis: Freddie Mac is updating their selling guide to introduce their newest […]

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