Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements

Fannie Mae Selling Guide B8-5-03 — HomeStyle Renovation Mortgage Documentation Requirements

B8-5-03, HomeStyle Renovation Mortgage Documentation Requirements (06/05/2018) Introduction This topic contains information on HomeStyle mortgage documentation requirements. HomeStyle Mortgage Documentation Requirements HomeStyle Mortgage HomeStyle Mortgage Documentation Requirements This section describes Fannie Mae’s requirements for security instruments, notes, riders, and addenda for HomeStyle Renovation mortgages. In addition, Fannie Mae has developed other model documents for use in connection with HomeStyle mortgages. Because these documents are model documents, they may need to be amended for certain types of lenders or particular types of transactions. HomeStyle Mortgage The mortgage or an appropriate rider to the security instrument (“renovation loan rider to security instrument” or “security instrument rider”) must grant the lender a security interest in any personal property (including building materials) located in, or on, or used, or intended to be used, in connection with the work, and provide that a borrower default under the renovation loan agreement must constitute a default under the security instrument and the note, and grant the lender an assignment of rents as additional security for the loan and the right to appointment of a receiver of rents if the property is held for rental purposes. Recent Related Announcements Published May 6, 2026 908 There are no recently issued Announcements related to this topic.

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