Home Buying in Los Angeles>Question Details

Weezy34, Home Buyer in Pasadena, CA

Looking for a lender that offers the FM Homestyle Reno product for home purchases in So Cal

Asked by Weezy34, Pasadena, CA Sun Mar 30, 2014

Will you please let me know if you offer the FM Homestyle Reno product? I'm looking to purchase a home in SoCal for my primary residence. I am not interested in the 203-K loan.

Help the community by answering this question:


I would be more than happy to help you. Just send me an email. Just send me an email if you have any further questions.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Sun Mar 30, 2014
Thank you for posting your question, I would be glad to offer my assistance.
Here is some of the details I can provide. Please feel free to contact me directly if you would like me to help you get started on your renovation project!

I have HomeStyle with up to 50% of improved value without exception in cosmetic or structural repairs.
This amount includes: 10% contingency reserve and all fees and costs listed in the fee section.
Exceeding 50% of improved value is a Fannie limit and no exceptions can be given for this.
Borrowers may NOT fund ANY overage.
Improvements must be attached to the property and add value.
Kitchen appliances that are PERMANENTLY ATTACHED to Property (stove, dishwasher, built-in microwave, trash compactor, and built-in refrigerators).
Properties needing Structural or Roof Repairs or where utilities are turned off will require 20% contingency.
Properties that have foundation or structural repairs require a foundation or structural report from a licensed engineer. Some examples include but not limited to, additional square footage being added, garage additions w/new foundations, cracks or settlement.
Repairs over $35,000.00 Renovation Total (Bid + Contingency + Fees) will require a feasibility study from Granite Loan Management or a HUD approved consultant. *Special Note: LO is responsible for ordering feasibility study from Granite. Please see below for information on how to order:

Call me today!
310-913-9526 or 818-662-7396

Ryan Middlekauff

Loan Officer
450 N Brand Blvd #150
Glendale, CA 91203
NMLS 1100772
0 votes Thank Flag Link Sun Mar 30, 2014
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