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What is a renovation loan

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Buy a House, Make it a Home

Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation

WHAT TYPES OF HOMES MAY BENEFIT FROM RENOVATION LOANS?

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Fixer Uppers & Distressed Properties

 

Homes that are in need of more than just a few minor fixes. These homes may need big renovations or structural repairs such as a new roof, etc. 

Or those that were in foreclosure or short sales that 

may have been neglected and in need of repairs

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Older Homes

Homes that have been around a while and need some updating are good candidates for renovation loans. 

Owners of older homes can use these loans to make the home more livable

by adding more space, replacing outdated carpeting, installing energy efficient doors and windows etc.

Renovation loans help retrofit homes enabling wheelchair access, widening doorways and bathrooms

Homes for Disabled/Elderly Owners

If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be

used on a home you already own through a refinance renovation loan.

Renovation Funding Solutions

FHA 203K Full & Limited

Eligible properties include 1 – 4 unit primary residences.

FHA FULL 203(k)

 •  Total renovation costs must be at least $5,000. 

 •  HUD consultant required

FHA LIMITED 203(k)

 •  Cost of work cannot exceed   35,000 – There are no minimum repair costs

 •  No HUD consultant

VA Renovation Loan

THE BASICS

• 620 minimum qualifying score for all

qualifying borrowers

• Available for purchase and refinance. 

• No down payment

• No minimum renovation cost

• Cosmetic and non-structural repairs

• HUD consultant required for all renovation

projects exceeding $50,000 

HomeStyle Renovation Loan

HOW THIS PROGRAM DIFFERENT?

• Eligible properties include 1 - 4 unit primary, 1 unit second homes and investment properties.

• Luxury items such as pools are eligible

improvements

• For primary residences, 1 unit second homes, 1 unit investment properties,

• No minimum dollar amount required

for repairs. HUD consultant required >$35,000

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