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Investment property

HomeStyle renovation for investment property

The short answer Fannie Mae's HomeStyle Renovation can allow eligible renovations on some investment properties, within the program's property and transaction limits. The renovation cost, contractor review, as-completed value, and completion rules are all part of underwriting. It is different from a short-term flip loan and is not an open-ended construction loan.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You want to buy or refinance a rental property and roll eligible improvements into one long-term loan.
  • You plan to keep the property as an investment rather than resell it quickly.
  • You have a contractor and a defined scope of work.

Tradeoffs to weigh

  • Not every rental building is eligible; unit count, property type, and lender participation matter.
  • It does not cover a full teardown and rebuild.
  • Contractor review, inspections, and completion deadlines add steps compared with a standard loan.
  • Investment limits can differ from the owner-occupied version of the program.

What to have ready

  • The property type and number of units.
  • Your planned scope of work and any contractor bids.
  • Whether you are buying or refinancing.
  • Expected rent after the work is done.
  • Your timeline for the renovation.

Questions people ask

Can every rental building use it?

No. Confirm the permitted unit count, property type, and whether the lender participates.

Can it pay for demolishing and rebuilding everything?

No. HomeStyle Renovation is not an unrestricted teardown or new-construction product.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

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Related topics

Conventional investment property mortgage DSCR rental loan Short-term rental financing Fix-and-flip financing Bridge financing Hard-money and private-money financing See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
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