Renovation-related costs that may be considered as part of the total renovation costs include:
- property inspection fees;
- costs and fees for the title update;
- architectural and engineering fees;
- independent consultant fees;
- costs for required permits;
- other documented charges, such as fees for energy reports, appraisals, review of renovation plans, and fees charged for processing renovation draws; and
- up to six months payments (PITIA) if a principal residence property cannot be occupied during renovation (see B5-3.2-04, HomeStyle Renovation Mortgages: Costs and Escrow Accounts for additional information).
For additional information, see B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility.