HOMESTYLE RENOVATION MORTGAGE

Own this home UPDATED with your preferences

for $8,800 down! Or $1,500 for a first time buyer!
See Details Below*

There is a little known program offered by Fannie Mae that allows a buyer to
get a mortgage for not only the purchase price of the home, but also the costs
to rehab/update it any way they see fit! 95% of the purchase price AND the
rehab costs can be financed through Fannie Mae, 97% for First Time Buyers.
Even the monthly payments can be rolled in for the first 6 months allowing
the buyer freedom to continue to pay their current rent, for example, until
their new home is ready! It requires only a 680 credit score and the rates are
comparable to a regular conventional loan.

Scenario 1:

Scenario 2:

Purchase Price: $319,000

Renovation Costs: $50,000
Total Cost x 95%
$369,000 x.95=$350,550

Purchase Price: $319,000

Renovation Costs: $50,000
Total Cost x 97%
$369,000 x.97=$357,930

$369,000 - $350,550=$18,450 Down

$369,000 - $357,930=$11,070 Down

$18,8450 - 3% Seller Contribution

$18450 - $9570=$8,800

$11,070 3% Seller Contribution

$11,070 - $9570=$1,500

$8,800 Out of Pocket Down

After Repair Value = ARV
ARV(Very Conservative)
$400,000
Total Mortgage:
$350,550
$49,450 Instant Equity!!

$1,500 Out of Pocket Down

After Repair Value = ARV
ARV(Very Conservative)
$400,000
Total Mortgage:
$357,930
$42,070 Instant Equity!!
Fausto Carosella
Mobile:(561)573-1669
fcarosella@cornerstonecoastal.com

*All insurances, prepaids and costs associated with any mortgage (i.e. inspection, survey etc.) are also applicable. Scenarios
are for illustrated purposes only, actual figures may differ based on the contractual agreement between the buyer and seller.