Renovation Mortgages

Dive Deeper into Our Renovation Loan Programs

1. Fannie Mae HomeStyle Loan:

The Fannie Mae HomeStyle Loan is a comprehensive solution for those looking to combine home purchase and renovation costs into one. Ideal for both cosmetic & significant renovations, this program is versatile and accessible.

Key Features:

  • Down Payment: As low as 3% for first-time homebuyers.

  • Flexibility: Funds can be used for a wide range of renovation projects, including luxury items like pools.

  • Loan-to-Value (LTV): Up to 97% for primary residence purchases.

  • Eligibility: Available for various property types, including 1-4 unit primary residences, one-unit second homes, and single-unit investment properties.

2. Freddie Mac CHOICERenovation:

Freddie Mac's CHOICERenovation loan offers a unique opportunity to finance both the purchase of a home and its renovation. It's an excellent choice for those looking to customize a home they’re looking to purchase or for current homeowners planning significant updates.

Key Features:

  • Versatility: Can be used for repairs, renovations, or energy-efficiency improvements.

  • Loan Options: Available as a fixed-rate mortgage with various term options.

  • LTV Ratio: High LTV ratios, with up to 95% for single-unit primary residences.

  • Resilience Option: Additional funds available for renovations that help the home withstand natural disasters.

3. VA Renovation Loan:

The VA renovation loan is a unique offering for veterans and active-duty service members, combining the benefits of a VA loan with additional funds for home improvements.

Key Features:

  • No Down Payment: 100% financing available for the total value of the home plus renovation costs.

  • No PMI: VA loans do not require private mortgage insurance.

  • Renovation Costs: Can include improvements up to 100% of the NOV or acquisition cost

  • Eligibility: Must be a veteran, active-duty service member, or eligible spouse with a valid Certificate of Eligibility (COE).

4. FHA 203k Loan:

The FHA 203k loan is tailored for lower credit score borrowers, offering a single loan for home purchase and renovation. It's an ideal choice for first-time homebuyers or those seeking a more accessible renovation financing option.

Key Features:

  • Credit Score Friendly: Lower credit score requirements compared to conventional loans.

  • Two Types: Standard 203k for major renovations and Limited 203k for minor, non-structural repairs.

  • Loan Amount: Based on the projected value of the home post-renovations.

  • Eligibility: Must be an owner-occupant

  • Home Type: Maximum financing on 1-4 unit homes the same

Why Renovation Loans?

  • Boost Home Value: Enhance your property's market value with strategic renovations.

  • Personalize Your Space: Create a home that perfectly aligns with your lifestyle and tastes.

  • Simplified Financing: Streamline your home buying and renovation process with a single loan.

  • Potential Tax Advantages: Interest may be tax-deductible (consult your tax advisor).

Take the First Step Towards Your Dream Home Today!

Ready to transform your living space? With our expert guidance and a range of loan options, financing your home purchase and renovation has never been easier. Embrace the opportunity to live in a home tailored to your desires.

Start Your Mortgage Application Now

This information is for educational purposes only is not a commitment to lend. All loan applications are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.