Renovation Loans
Renovation loans are a great option for you if you're looking to buy a property that needs some work. These loans let you combine the purchase price and renovation costs into a single mortgage, making it easier for you to turn a fixer-upper into your dream home. Whether you're updating an old kitchen, fixing structural issues, or adding modern touches, home improvement loans give you the flexibility and funding you need to buy with confidence and customize your home to suit your needs.
Transform Your "Fixer-Upper" into Your "Dream Home"
Are you attracted to a home but it has issues? A renovation loan enables you to finance both the home purchase and necessary repairs with one streamlined loan allowing you to personalize your space from day one.
What is a Renovation Loan?
A renovation loan is a specialized mortgage that combines funding for purchasing a with financing for repairs and improvements. This loan provides the resources needed for both the acquisition and upgrades.
FHA Renovation Loan Options:
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203(k) Limited - Ideal for first-time buyers. Cosmetic updates
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203 (k) Standard: Comprehensive renovations allowed
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Fannie Mae HomeStyle® Renovation - For primary residences, second homes, or investment.
VA Renovation Loan - Available for eligible veterans and active-duty members.
What Can You Do with Renovation Loan?
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Upgrade kitchens and bathrooms
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Replace roofing or plumbing
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Refresh and flooring
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Add rooms or convert garages
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Implement energy improvements
Fast Facts:
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One monthly mortgage payment
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Renovation funds held escrow and disbursed as work progresses
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Major projects require licensed contractors
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Appraisal based on "after-improved" value
Ready to Remodel? Whether acquiring a home needing attention or transforming your current residence, a renovation loan allows you to realize your vision without compromising financial stability.