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What is a Home Renovation Loan?

When buying or refinancing a home that requires repairs, you have four potential options:

  • Conventional Renovation Loan
  • VA Renovation Loan
  • FHA 203K Loan
  • USDA Renovation Loan

Each option combines the costs of purchasing or refinancing the home with the funds needed to cover repairs, upgrades, modifications, and additions, bringing your vision for the property to life.

Home Renovation Loan Quick Facts

You pick your own
Contractor.
Contractor must meet minimum standards.
Doing your own work is not allowed. Exceptions apply.
Your Contractor must submit a detailed bid with a total renovation price.
Only one contract is allowed between you and your Contractor.
Items renovated must meet appraisal standards.
Time allowed for your renovation varies by Loan Type.
Getting approved might require a slightly higher FICO score.
Manufactured home renovation is allowed. Exceptions apply.

Prepare to be amazed - contact us now!

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Adam Passey (NMLS ID 281423)

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Check Out Other Loan Options

CONVENTIONAL

A Mortgage for those at or above a 620 FICO score.

VA

A Mortgage only for US Veterans and their spouses.

FHA

A Mortgage that helps buyers with challenges to gain and maintain homeownership.

JUMBO

Any Mortagage that is larger than a conventional Mortgage Limit.

USDA

A Mortgage that helps rural residents gain and maintain homeownership.

Foreign National

A Mortgage for Non US Citizens who hold a qualifying US Visa.

CONSTRUCTION

A Mortgage used to build a new property.

RENOVATION

A Mortgage used to renovate a property.

ITIN MORTGAGE

A Mortgage for those who do not hold a Legal Status.

COMMERCIAL

A Mortgage for property that is used for business purposes.