HomeStyle Loan Contractor in Philadelphia
A Fannie Mae HomeStyle Renovation loan lets you buy or refinance a home and finance the renovation in one conventional mortgage. MatrixGC is the contractor side of that loan: we scope the work, write a lender-ready bid, follow the draw schedule and pull the permits.
- Philadelphia contractor license #43984
- Lender-ready bids
- Draws & inspections handled
- Philadelphia & South Jersey
HomeStyle loan basics
HomeStyle vs. FHA 203(k)
| HomeStyle | FHA 203(k) | |
|---|---|---|
| Loan type | Conventional (Fannie Mae) | FHA (HUD) |
| Credit score | Usually 620+ | 580+ with 3.5% down |
| Property types | 1–4 unit primary, 1-unit second home or investment | Owner-occupied primary only |
| Luxury items | Allowed (pools, landscaping, upgrades) | Limited to eligible repairs |
| Mortgage insurance | PMI, can be removed later | FHA MIP |
Not sure which fits? Compare with our 203(k) contractor page or read HomeStyle vs. 203(k).
What the contractor does
- Walkthrough & scope with you before or right after your offer.
- Itemized bid in the format your lender and appraiser need.
- Lender approval: HomeStyle contractors must be approved by the lender. We supply license, insurance and references.
- Permits from Philadelphia L&I or your NJ town.
- Draws: funds sit in a custodial account and are released after inspections. We document every stage.
- Change orders go through the lender for approval, and we handle the paperwork.
How a HomeStyle renovation works
Pre-approval
Get pre-approved with a lender that offers HomeStyle.
Scope & bid
We walk the house and write a detailed, lender-ready bid.
Appraisal
The appraiser values the home as it will be after the work.
Closing
Renovation funds go into a custodial account at closing.
Construction & draws
We build in stages; the lender inspects and releases each draw.
Final inspection
The lender confirms completion and closes out the account.
Renovations you can finance
Kitchens, bathrooms, basements, additions, roofs, systems and full gut rehabs. See recent work in our project gallery.
Using a HomeStyle loan?
Bring us in early. A clear bid keeps your appraisal and closing on schedule.
HomeStyle loan FAQs
What is a Fannie Mae HomeStyle Renovation loan?
A conventional mortgage from Fannie Mae that lets you finance the purchase or refinance of a home together with the cost of renovating it.
What credit score do I need?
Most lenders require a minimum credit score of 620.
How much do I need for a down payment?
For a single-unit primary residence, eligible first-time buyers can put down as little as 3 percent. Others typically need at least 5 percent. Second homes and investment properties need more.
How much can I borrow for renovations?
Renovation funds can be up to 75 percent of the as-completed appraised value. On a purchase, the limit is 75 percent of the lesser of the purchase price plus renovation costs or the as-completed value.
How long do I have to finish the work?
Renovations generally must be completed within 15 months of closing.
Can I use a HomeStyle loan on an investment property?
Yes. HomeStyle can be used on one-unit investment properties and second homes, as well as one-to-four unit primary residences.
Does the contractor need lender approval?
Yes. The lender must approve the contractor. MatrixGC provides license, insurance and references for approval.