* This mortgage is available to owner-occupants, purchasers of second homes and investors.
* Eligible properties are one- to four-unit homes, condominiums, and PUDs.
* Maximum loan amount may not exceed Fannie Mae's conforming loan limits.
* Maximum renovation amount is 50 percent of the as-completed value of the property.
* Qualifying ratios are 28/36.
* Loans are fixed-rate mortgages or rate capped ARMs, fully amortizing with terms between 15 and 30 years.
* A contingency reserve equal to 10 percent of the cost of the renovation is required, and may be financed out of the loan proceeds.
