HomeStyle – Renovation Activities

Acceptable HomeStyle Renovation activities:

  • Buy a new home and add in your cost of renovation for both mandatory and cosmetic repairs.
  • Refinance your existing home with a HomeStyle and include your renovation cost in your new mortgage.
  • Moving an existing home from one site to another site (new foundation allowed).
  • Tearing down an existing structure to the foundation and rebuilding.
  • Replacing an existing foundation.
  • Adding on to an existing foundation.
  • Adding a garage to the property.
  • HomeStyle Renovation allows you to finish out homes new homes that have not yet been occupied but is considered “grey boxed”. All exterior is completed and interior completely dry walled.

Unacceptable HomeStyle Renovation activities

  • Adding improvements to a newly constructed foundation or a foundation built and capped with the intent to build.
  • HomeStyle does not allow a borrower to add buildings to the property (such as guest homes, detached second units (rental), or outbuildings).
  • No manufactured homes (the FHA 203k loan does allow for renovation on a manufactured hom

Acceptable HomeStyle Renovation task

  • Repair/Replacement/upgrade of existing HVAC systems
  • Repair/Replacement/upgrade of plumbing and electrical systems
  • Repair/Replacement of flooring
  • Remodel your kitchen and baths with a HomeStyle Renovation loan
  • Weatherization, including storm windows and doors, insulation, weather stripping, etc.
  • Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
  • Accessibility improvements for persons with disabilities are allowable under the HomeStyle mortgage
  • Lead-based paint stabilization or abatement of lead-based paint hazards
  • Repair/replace/add exterior decks, patios, porches
  • Basement finishing and remodeling
  • Basement waterproofing
  • Lower your energy thermal rating with new windows, door replacements and exterior wall re-siding
  • Septic system and/or well repair or replacement
  • Repair/Replacement of roofs, gutters and downspouts with a HomeStyle
  • Repair structural issues with the home
  • Landscaping
  • Add a swimming pool or other luxury items (allowable taks on a HomeStyle, not allowed on a FHA 203k)

The preceeding  ”renovation task” are noted to assist  borrowers in developing a starting point for their renovation checklist. This list was not intented to be all-inclusive . If you do not find your particular renovation item on this list don’t hesitate to call me to discuss your particular task.

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