HomeStyle Refresh Mortgage Fact Sheet
Whether they’re purchasing a home or refinancing their current one, borrowers can now make upgrades to improve the comfort and safety of their homes with Fannie Mae’s HomeStyle® Refresh mortgage.
Features
Flexible
From minor updates to resiliency improvements, HomeStyle Refresh gives borrowers the option all in one loan.
Affordable
Smart financing that helps borrowers manage costs now and avoid expensive repairs later.
Simple
Help borrowers upgrade their home their way with straightforward financing for the improvements they want.
Bundle mortgage products for more flexibility and savings
Both HomeStyle Renovation and HomeStyle Refresh mortgages may be combined with a HomeReady® mortgage, so your low-income borrowers can take advantage of the following features:
Low down payment options
- Cancellable mortgage insurance (restrictions apply)
Potentially lower rates compared with other forms of financing such as home equity line of credit or credit cards
Simplified and expanded eligibility for HomeStyle Refresh for purchase and refinance transactions
Maximum LTV (1-unit owner-occupied)
- Up to 97% (See Fannie Mae’s Eligibility Matrix for specific details based on the loan transaction)
Financing improvements
- Up to 15% of “as completed” appraised property value
Occupancy and property eligibility
- All one- to four-unit existing properties
- Manufactured housing, provided no structural changes
- All occupancy types permitted
Covers improvements to the home’s resiliency to natural disasters
Upgrades include:
- Storm surge barriers
- Foundation retrofitting for earthquakes
- Hazardous brush and tree removal in fire zones
- Retaining walls to address mud or water flows
Environmental Remediation
- Radon, lead, mold, or asbestos remediation improvements
Can be used to pay off energy- related financing
- Entire PACE lien amounts (with purchase or refinance)
- Financing for prior-energy related improvements: up to 15% of property value (with refinance)
