Renovation Mortgage Loans
Finance Your Home Purchase and Repairs in One Loan
Renovation mortgage loans including FHA 203(k), VA Renovation, and Fannie Mae HomeStyle® allow you to finance both the purchase and renovation of a home in a single loan. These programs make it possible to buy a fixer-upper and transform it into your dream home without needing separate financing.
Get Pre-Approved Get Rate Quote Schedule Appointment
Comparing Your Renovation Loan Options
Different renovation projects and borrower situations call for different types of loans. The FHA 203(k), VA Renovation, and conventional renovation loans each offer unique advantages. This table breaks down the key differences to help you choose the right path.
| Feature | FHA 203(k) | VA Renovation | Fannie Mae HomeStyle® |
|---|---|---|---|
| Borrower Type | All buyers (primary residence) | Eligible veterans (primary residence) | All buyers (primary, second home, investment) |
| Minimum Down Payment | 3.5% | 0% | 5% for primary (higher for others) |
| Mortgage Insurance | MIP for life of loan | No PMI (VA Funding Fee applies) | PMI (cancellable) |
| Repair Type | Wide range, including structural (Standard 203k) | Non-structural repairs and improvements | Any renovation, including luxury items (pools, etc.) |
| Max Repair Amount | Varies by county FHA loan limit | $50,000 (in most cases) | Up to 75% of the after-improved value |
| Best For | Buyers with lower credit scores or limited down payment. | Veterans who want to purchase and renovate with no money down. | Buyers with good credit or those renovating a second home or investment property. |
In-Depth Guide to Renovation Loans
Let's explore the details of each renovation program.
Frequently Asked Questions
Ready to Transform Your Fixer-Upper?
Our renovation loan experts can help you finance the perfect home and make it your own with one convenient loan.
Start Your Application Speak with an Expert