Renovation loan

Renovation Loan Programs

Transform Your Home with Our Renovation Loan Options

Whether you're buying a new home or updating your current one, our renovation loan programs offer the flexibility to make necessary improvements and upgrades. Explore our options to find the best fit for your renovation needs.

FHA 203(k) Rehabilitation Loan:

• Comprehensive Financing:

  • Finance both the purchase and renovation of a home. Ideal for homes needing significant repairs or updates.

• Eligible Renovations:

  • Covers a wide range of repairs, including structural work, plumbing, electrical, and more.

• Loan Amount Calculation:

  • Based on the lesser of the purchase price plus renovation costs or the after-improved value of the home.

• Disbursement of Funds:

  • Funds are disbursed in draws based on renovation progress, with inspections required at various stages.

• Eligibility Criteria:

  • Available for primary residences only, with specific guidelines for property condition.

• Professional Requirements:

  • Requires the use of licensed contractors for renovation work.

• Application Process:

  • Involves additional paperwork and inspections related to the renovation, with a more detailed application process.

HomeStyle® Renovation Loan (Fannie Mae):

• Flexible Financing:

  • Combine the cost of renovations with your home purchase or refinance. Suitable for a wide range of home improvements.

• Eligible Renovations:

  • Can be used for both structural and cosmetic updates, such as kitchen remodels, bathroom renovations, and energy-efficient upgrades.

• Loan Amount Calculation:

  • The maximum loan amount is based on the lesser of the purchase price plus renovation costs or the after-improved value, with guidelines for loan-to-value ratios.

• Disbursement of Funds:

  • Funds are provided in stages based on completion milestones, with documentation of work progress.

• Eligibility Criteria:

  • Available for primary residences, second homes, and investment properties.

• Professional Requirements:

  • Allows for the use of licensed contractors and may permit DIY projects within certain guidelines.

• Application Process:

  • Generally a streamlined process compared to FHA, with less stringent requirements for renovations.

Contact us today to learn more about how our renovation loan options can help you enhance your home and achieve your renovation goals!