Plaza now offers more accessible and affordable renovation loans with the combination of HomeStyle and HomeReady

Renovation and remodeling spending is growing at nearly 7% per year in major metro areas, and is projected to hit nearly $270B annually by 2025[1]. Being able to tap into this rapidly expanding market presents significant opportunity for originators seeking to create new business streams.

That’s why Plaza Home Mortgage® now offers our clients the broader eligibility of Fannie Mae® HomeReady® in combination with the HomeStyle® renovation loan program. Now you can offer more borrowers the opportunity to create the homes of their dreams in the neighborhoods they love.

Benefits of combining HomeStyle with HomeReady:

  • Up to 97% LTV, no longer limited to first time homebuyers
  • Reduced mortgage insurance coverage requirements
  • Improved pricing with HomeReady LLPA caps
  • No risk based pricing adjustments if LTV > 80% and FICO >= 680
  • More flexibility in income sources, like rental income from a 1-unit property with an accessory dwelling unit (ADU)

Drop us a line at HereforYou@plazahomemortgage.com to learn more about the updated HomeStyle program.


Not signed up with Plaza yet? Contact us at 858.346.1208 today to learn how.

 

[1] Demographic Change and the Remodeling Outlook” by the Joint Center for Housing of Harvard University, 2017.