Renovation Loans

A renovation loan can help fund home improvements, allowing you to turn a house into your dream home.
We currently offer FHA 203k Renovation Loans, Fannie Mae HomeStyle Renovation Loans & VA Renovation Loans.

Purchase & Renovate in one loan OR finance your current home Renovation project

If you’re a buyer who’s found a home with great potential, but needs some repairs or upgrades, we can provide a loan for the purchase and renovation costs. We offer the FHA 203k loan, Fannie Mae Homestyle loan, and VA renovation loan.  All of these programs can be used to finance the purchase and cost of renovation all in one mortgage.  These programs work very well on older homes in need of updates, homes with health or safety issues, or any home with a current condition that would not pass a traditional appraisal.

All of these programs can only be used on a primary residence, but only the Fannie Mae Homestyle loan can also be used on a second home, or an investment property.

One of the biggest advantages of using a renovation loan to finance your home improvements is that the maximum amount that you are allowed to borrow is based off the future improved value of the home, vs. what it’s worth before renovations.

Renovation Loan Workflow

Types of repairs and remodels include, but not limited to:

  • Complete remodel
  • Turn your one unit into a legal two unit (if zoning allows)
  • Room additions
  • Roof & gutter repairs/replacement
  • HVAC repair/replacement
  • Garage, driveways
  • Plumbing & electrical
  • Decks, patios, porches
  • Basement finishing
  • Doors, windows

Before deciding that renovation financing is right for you, please be sure to schedule a phone or office consultation with us, so that we can help you understand the entire process and answer all of your questions.

Here are a few examples of what we will discuss during your initial consultation:

  • How the improved value of your home is determined
  • How to choose a general contractor and what to look out for
  • How to choose a HUD consultant and what is important
  • What types of renovations and repairs make sense and add real value to your home
  • Important tips for making your purchase experience go according to plan
  • Staying on track and following the timeline we provide
  • How your contingency funds can be used and why it’s important

Are you active duty military or a veteran?

New Renovation Feature Available for VA Home Loan Financing

Finance up to $35,000 in repairs, upgrades or minor renovations into your loan amount. Must be minor and cosmetic in nature. Home must appraise for total amount financed.
Renovation loans require a lot more expertise and experience than traditional mortgages.  They have more moving parts and require a lot more consideration and planning, but with the right guidance, they can bring wonderful results to your home purchase experience. I have a wealth of information and expertise with these programs and I would be happy to walk you through the entire process.

Curious if you qualify?