Renovating a Mid-Century Fixer with a Fannie Mae HomeStyle Loan: A Couple’s Journey
- By Jim Blackburn
- on
Client Profile
- Names: Trevor & Hannah B.
- Ages: 33 & 31
- Location: Portland, OR
- Home Type: 1960s Mid-Century Ranch
- Purchase Price: $435,000
- Renovation Budget: $75,000
- Loan Type: Fannie Mae HomeStyle Renovation Loan
- Down Payment: 5%
- Credit Scores: 712 & 709
The Challenge
Trevor and Hannah fell in love with a dated home in a great neighborhood, but it needed serious updates: new windows, floors, HVAC, and kitchen. They didn’t have $75K sitting in cash and didn’t want to finance upgrades with credit cards or separate loans.
They needed a loan that would allow them to finance both the purchase and the renovation in one package—without going FHA.
The Strategy
We structured a HomeStyle Renovation Loan, allowing them to:
- Roll the entire renovation budget into the loan
- Put down just 5% of the combined cost
- Use conventional loan terms and cancelable PMI
- Choose their own contractor
- Build equity quickly after updates
The Outcome
- Closed on their home with only 5% down of purchase + reno combined
- Completed the upgrades within 60 days of closing
- Post-renovation appraisal came in at $560,000, giving them instant equity
- Their monthly payment was still lower than renting a comparable remodeled home
- No need for secondary financing or post-close stress
Quote from Hannah:
“We didn’t have to settle for ugly or outdated just because of our budget. This loan helped us turn a fixer into our forever home—on our terms.”
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- Takes just 5 minutes
- Tailored results based on your answers
- No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- Only 2 minutes to complete
- Quick turnaround on pre-approval
- No credit score impact
Got a Few Questions First?
Related Posts
