Borrower Requirements
Borrowers must meet the requirements of B2-2-01, General Borrower Eligibility Requirements. Nonprofit investors and local government agencies may be considered for eligibility on a negotiated basis. Lenders may contact their Fannie Mae customer account team for more information.
To ensure that the borrower understands all of the terms of a HomeStyle Renovation mortgage, the lender may use Fannie Mae’s HomeStyle Renovation Consumer Tips (Form 1204), as a checklist for the key facts that need to be disclosed to the borrower, and the borrower’s signature will serve as an acknowledgment of his or her understanding of these facts.
For additional information, refer to B5-3.2-02, HomeStyle Renovation Mortgages: Loan and Borrower Eligibility.