How to get a HomeStyle Loan

By , Staff writer of The Christian Science Monitor

Homeowners and home buyers looking for rehab money should start by asking whether their bank offers HomeStyle loans.

Or call 1-800-7Fannie for a list of lenders that offer HomeStyle.

That list grows a little all the time and Terrence Young, director of Fannie Mae's Chicago office, stresses that some banks are better at writing HomeStyle loans, while others struggle with the unusual processing and paperwork requirements.

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Young says Chase Manhattan, Countrywide Home Loans, and Norwest Mortgage are some experienced HomeStyle lenders.

Chase Manhattan Bank (www.chase.com, 773-395-1700) offers HomeStyle seminars in some regions.

Countrywide Home Loans, (www.countrywide.com, 800-669-6065, x6031), a mortgage brokerage service headquartered in Calabasas, Calif., has added integrated computerized support for HomeStyle throughout its 550 branches across the country.

Norwest Mortgage (www.norwest.com, 800-222-3408) of Des Moines, Iowa, offers HomeStyle through 850 mortgage stores nationwide.

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