Renovation Loans

Turn a fixer-upper into your dream home with a single loan for purchase and repairs.

Program Overview

Renovation loans allow homebuyers to finance both the purchase price of a home and the cost of future renovations into a single mortgage. This eliminates the need for a second loan or high-interest credit cards to pay for repairs.

Whether you're looking at an FHA 203(k) loan or a Fannie Mae HomeStyle Renovation loan, these programs are perfect for buying properties that need a little love (or a lot) and customizing them to your exact specifications.

Key Benefits

One Loan, One Closing

Simplify the process by combining purchase and renovation costs into one monthly payment.

Instant Equity

Renovations can significantly increase the property value immediately.

Borrow Based on Future Value

Loan amount is based on the "after-repair value" of the home, giving you more buying power.

Wide Range of Repairs

Finance anything from new kitchens and baths to roofs, HVAC, and even additions.

Standard Requirements

  • Credit Score: Typically 620+ for FHA 203(k) and slightly higher for Conventional HomeStyle.
  • Contractor Bids: You must work with licensed contractors and provide detailed bids for the work.
  • Down Payment: As low as 3.5% (FHA) or 3-5% (Conventional), based on the total acquisition cost.
  • Timeline: Work must typically start within 30 days of closing and finish within 6 months.

Documents Needed to Apply

  • Detailed contractor estimates/bids
  • Contractor license and insurance info
  • Pay stubs for the last 30 days
  • W-2 forms for the last 2 years
  • Bank statements for the last 2 months
  • Copy of driver's license

Create Your Dream Home

Don't settle for a house you don't love. Fix it up with a renovation loan.

Start Your Renovation Project