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