On a Single Family Home, a buyer will most commonly borrow 95% of the purchase price and renovation costs.  For example, someone buying a $300k home which needed $75k of renovations would borrow $356,250.  So a buyer would come up with just 5% down plus closing costs in this scenario.

• The "One and Done" Rule:   You close once, pay one set of fees, and have one mortgage. No second mortgage drama here!
• The "Dream Big" Clause:   Unlike other loans that only fix broken stuff, HomeStyle lets you get fancy. Want a backyard oasis, a chef’s kitchen, or even a detached "granny flat" (ADU)? Go for it.
• Invest or Escape:   You can use this for your main pad, a vacation getaway, or even an investment property.  But you'll need to come up with a higher down payment for anything other than a 1-unit primary residence.
• Boost Your Buying Power:   The lender looks at what the house will be worth after you’ve worked your magic, which usually means you can borrow more than the home is currently worth.

• Credit Check:   You’ll typically need a score of 620+.
• Down Payment:   If you’re a first-timer, you might get in with as little as 3% down, as opposed to the more common 5% down.
• Pro Mode:   You can’t DIY this one with your "handy" uncle who helped you hang some shelves one time over a 6-pack-  you’ll need a licensed contractor to sling the hammer.