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HomeStyle is a Fannie Mae conventional loan while 203K is an FHA government insured product. Both are renovation loans with slight variations in guidelines and borrower qualifications. Both can be used to acquire and renovation existing properties, or refinance and renovate currently owned properties.
Fanne Mae HomeStyle Renovation Loan vs. FHA 203(k) – Mortgage insurance september 14, 2017 There’s several differences between the Fannie Mae HomeStyle Renovation Loan and the FHA 203k Loan, but one of the major differences is their guidelines rsurrounding mortgage insurance.