Renovation Loans
Thinking of buying a fixer-upper or giving your current space a major facelift? A renovation loan is a specialized mortgage designed to cover both the purchase price and the cost of repairs in a single, convenient loan package.
Instead of juggling multiple high-interest personal loans, you can roll your renovation costs directly into your mortgage. This is ideal for homebuyers looking to personalize a property before moving in, or homeowners wanting to increase their home value with structural or cosmetic updates—all managed through one manageable monthly payment.
The FHA 203k Solution
The FHA 203k loan is a powerful tool designed to help you transform a fixer-upper into your dream home. By bundling the cost of your home purchase and your planned renovations into a single, manageable mortgage payment, you can focus on creating the perfect living space without the stress of multiple loans or high-interest personal financing.
What can a 203k loan be used for?
- Minor Repairs: Financing for cosmetic upgrades like new appliances, painting, and flooring.
- Major Structural Rehab: Complete reconstruction or structural repairs to make a home safe and sound.
- Seamless Combinations: Roll the home purchase price and total rehab costs into one efficient loan.
- Lender Limits: Focus on essential improvements; luxury items like new swimming pools are generally restricted.
HomeStyle Flexibility
A HomeStyle® Renovation loan is a powerful mortgage combined with a repair budget, allowing you to modernize your home or tackle a major fixer-upper with one single loan. It’s an educational and friendly way to finance both your home purchase and the upgrades you’ve always wanted.
- Flexible Properties: Use it for your primary residence, a second home, or an investment property.
- Broad Improvements: Perfect for any renovation, from cosmetic flooring updates to structural changes.
- One-Time Closing: Bundle your home purchase and rehab costs into one loan with one set of closing costs.
- Lender Transparency: Professional guidelines ensure your construction project remains on track and fully funded.