Fannie Mae HomeStyle lets you refinance your Texas mortgage and finance your renovation in a single conventional loan. Kitchen remodels, additions, ADUs, and more — at conventional rates.
Homeowners, second-home buyers, and investors who want to refinance and renovate in a single transaction.
Your home needs a new roof, kitchen, bathroom, or HVAC system. Instead of taking out a HELOC at a higher rate, roll the renovation into a single conventional refinance.
Building a garage apartment, in-law suite, or additional bedroom? HomeStyle finances structural additions that add square footage and value.
Investment properties are eligible. Renovate a dated rental to command higher rents and increase your property value simultaneously.
If you don’t want a second lien or a high-interest HELOC, HomeStyle lets you wrap everything into your first mortgage at conventional rates.
Bought a property that needs work? Refinance out of a hard money or bridge loan and finance the renovation simultaneously.
Solar panels, insulation, new windows, and high-efficiency HVAC systems all qualify. Improve your home’s efficiency and finance it at conventional rates.
HomeStyle Renovation rolls your refinance and renovation into a single first mortgage at conventional rates — no second lien, no variable rate, no equity line surprises.
Combine your mortgage refinance and renovation costs into a single loan with one closing, one payment, and one set of fees. No need for a separate home improvement loan or HELOC.
Your loan amount is based on the projected post-renovation appraised value — not what your home is worth today. This means you can finance more renovation than you think.
HomeStyle is a Fannie Mae program, not a specialty non-QM product. You get conventional interest rates and terms, typically 0.25–0.50% lower than FHA 203(k) alternatives.
Kitchens, bathrooms, roofing, HVAC, additions, ADUs, landscaping, structural repairs, energy upgrades, and even luxury finishes. More flexibility than FHA 203(k).
HomeStyle finances nearly any improvement permanently affixed to your property.
Side-by-side comparison for Texas homeowners planning renovations.
Your LTV is calculated on the as-completed value — not today's value.
$300,000
$100,000
$450,000
$50,000 instant equity created
Your $100K renovation adds $150K in appraised value — creating $50K in day-one equity at 75% LTV.
One set of closing costs instead of two (refinance + HELOC). One monthly payment at a fixed conventional rate instead of a variable second lien.
Unlike FHA's lifetime MIP, HomeStyle's private mortgage insurance cancels automatically once you reach 20% equity — and your renovation may get you there immediately.
Your LTV is calculated against the post-renovation appraised value, not today's value. A $300K home with a $100K renovation appraising at $450K gives you instant equity.
From application to final inspection — here's how it works.
Submit your application and renovation scope. We'll verify your income, credit, and the property's current value to issue a pre-approval letter.
Your licensed contractor submits a detailed bid with scope, timeline, and costs. We order an "as-completed" appraisal based on the planned renovations.
We underwrite the loan based on the as-completed appraised value. Once approved, you close on the refinance. Renovation funds go into escrow.
Your contractor begins work. As milestones are completed and inspected, we release draws from escrow to pay the contractor.
After all work is complete, a final inspection confirms the renovation matches specs. The remaining holdback is released. You enjoy your upgraded home.
Run the numbers on your HomeStyle renovation refinance.
Estimate your new monthly payment including renovation costs rolled into the loan.
Compare your current rate to what you could save with a HomeStyle refinance.
Find out when your refinance pays for itself and whether the closing costs are worth it.
Should you buy discount points to lower your rate? See break-even months and lifetime savings.
See how extra payments shave years off your loan and save tens of thousands in interest.
Common questions about Fannie Mae's renovation refinance program in Texas.
Fannie Mae HomeStyle — conventional rates, single closing, maximum renovation flexibility.
Get my renovation quote