Originating & Underwriting

HomeStyle Refresh

Expand what homeownership means for your borrowers

HomeStyle Refresh supports a wide range of improvements as part of a purchase or refinance mortgage – from cosmetic updates to energy-saving and resilience-focused renovations – giving borrowers the flexibility to personalize their homes.

With more options, borrowers can upgrade outdated homes in their budget, make updates that reduce monthly utility costs, and enhance the overall comfort and safety of their homes.

More Ways for Borrowers to Save on Home Improvements

This new search tool can help homebuyers find local programs that can offset costs for energy, water, and resiliency improvements. 

More ways to freshen up

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Cosmetic and Functional Improvements

Kitchen and bath updates, roof repairs, window replacement

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Energy and Water Updates

Air sealing, heating and cooling, plumbing

house air flow

Home Resiliency

Storm surge barriers, foundation retrofitting, natural disaster repairs

See the possibilities of HomeStyle Refresh

Flexible

From comfort to resilience, borrowers can choose the improvements that matter most to them, including cosmetic updates, resiliency and weatherization upgrades, and paying off existing energy-related debt like Property Assessed Clean Energy (PACE) loans.

Affordable

By rolling renovation costs into a single mortgage, it helps keep monthly payments manageable and supports long-term affordability.

Simple

With HomeStyle Refresh, borrowers can finance up to 15% of their home's future value to make it more comfortable, resilient, and cost-effective — all rolled into one mortgage.

Details that help conserve time and energy

Unlike HomeStyle Renovation, HomeStyle Refresh doesn’t require special approval. It’s available for use by any Fannie Mae lender.

  • Maximum LTV up to 97%
  • Can finance renovation costs up to 15% of the as-completed appraised property value.
  • To qualify for purchase loans with an LTV greater than 95%, homeownership education will be required for at least one borrower when all occupying borrowers are first-time homebuyers. Fannie Mae HomeView® can be used to satisfy this requirement. Learn more about homeownership education.
  • Improvements must be in compliance with local zoning and building codes. 

See Fannie Mae’s Eligibility Matrix for specific product details based on the loan transaction.

Combine HomeStyle Energy with other Fannie Mae products to offer borrowers benefits like more flexibility and savings:

HomeReady®: Our low down payment mortgage has lower rates and cancellable mortgage insurance (restrictions apply). Combine this mortgage with HomeStyle Refresh to make financing upgrade projects even more affordable.

Note: HomeStyle Refresh loans may qualify for an LLPA waiver for Duty to Serve. See Duty to Serve eligibility requirements for details.

Answers to frequently asked questions about HomeStyle Refresh

If the borrower is paying off a PACE loan, documentation must be provided showing that the funds are solely being used to pay off the PACE loan obtained for improvements on the subject property. A payoff statement from the PACE program is sufficient to document the outstanding balance to be paid off.

If the payoff is for other secured or unsecured debt that was used to finance energy-related improvements, the borrower must provide copies of invoices or receipts documenting the cost of the related expenses.

No. Consumers may only refinance debt, including home equity loans, PACE financing, or other debt used for energy improvements.

What about financing for larger scale home improvement projects?

A HomeStyle Renovation loan covers an array of repairs, updates, and upgrades, giving your borrowers more options to personalize their home.

Explore HomeStyle Renovation
planning renovation

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