Loan programs · Renovation
Renovation Loans
Finance the purchase or refinance and the improvements in a single loan, so a home with potential can become the home you want.
Takes about 2 minutes. A quick inquiry, not a loan application.
Who it's for
Often a fit for buyers eyeing a fixer-upper or owners planning major updates.
Instead of separate loans for the home and the renovations, a renovation loan combines both expenses into one mortgage.
Fixer-upper buyers
Purchase a home that needs work and roll the cost of the renovation into your loan.
Homeowners planning updates
Refinance and finance improvements such as kitchens, bathrooms or structural repairs in one loan.
Buyers in desirable locations
Take advantage of homes in great locations that need updates or repairs.
The details
How renovation loans work
Conventional renovation loan. With a HomeStyle Renovation loan, you have funds for a wide range of projects, from repairs and energy updates to landscaping and upgrades. It can help restore an older home to its former glory.
FHA renovation loan. An FHA 203(k) loan also allows buyers to finance the cost of the home and the renovation in one mortgage.
Renovation loans have similar qualification requirements to a standard mortgage, with additional documentation related to the renovation. Because improvement costs are built into the loan, you may not need large upfront cash for repairs, and strategic upgrades can increase both comfort and property value.
Why borrowers choose renovation loans
- Finance the purchase and renovation in one loan
- Ideal for fixer-uppers or upgrading a current home
- Conventional and FHA renovation options
- Simplifies financing for home improvements
How it works
One conversation. Many lenders. Your choice.
As a broker, we don’t have one loan to sell you. We compare programs across lenders and walk you through the trade-offs in plain language.
Tell us your goal
A short inquiry: what you want to do, and how to reach you.
We review your options
A licensed loan officer looks at programs across our lender network.
You choose
Compare the trade-offs side by side. No pressure to move forward.
We guide you to closing
Application, processing and underwriting, with one team keeping you updated.
What can a renovation loan cover?
A wide range of projects, from repairs and energy updates to kitchens, bathrooms, landscaping and structural work, depending on the program.
What is the difference between HomeStyle and 203(k)?
HomeStyle is a conventional renovation loan; the 203(k) is an FHA renovation loan. Both combine the home and renovation costs in one mortgage, with different guidelines.
Is qualifying different from a standard mortgage?
Requirements are similar, with additional documentation related to the renovation plans and costs.
How much do I need for a down payment?
It depends on the program, the property and your situation. We’ll walk you through what each option requires.
How long does the mortgage process take?
It varies with the loan program and your application. Once we review your situation, a licensed loan officer will walk you through what to expect.
Compare programs
Explore other loan programs
Program availability, eligibility and guidelines vary by lender and may change without notice. All loans are subject to credit approval, underwriting guidelines and property eligibility. This is not a commitment to lend.
See what's possible for your next move.
Two minutes to tell us your goal. A licensed loan officer follows up personally.