%20(3).png)
The Fixer-Upper Finance Program
Renovation loans are a powerful tool for homebuyers looking to purchase a property that needs a little—or a lot—of rehab work. These loans allow you to finance both the purchase price and the cost of the rehab work into a single mortgage, making it easier to turn a fixer-upper into your dream home. Whether you’re updating an outdated kitchen, repairing structural issues, or adding modern touches, home improvement loans provide the flexibility and funding needed to buy with confidence and customize a home to fit 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:
-
203(k) Limited - Ideal for first-time buyers. Cosmetic updates
-
203 (k) Standard: Comprehensive renovations allowed
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?
-
Upgrade kitchens and bathrooms
-
Replace roofing or plumbing
-
Refresh and flooring
-
Add rooms or convert garages
-
Implement energy improvements
Fast Facts:
-
One monthly mortgage payment
-
Renovation funds held escrow and disbursed as work progresses
-
Major projects require licensed contractors
-
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.