Renovation Loans

Considering updating, expanding, or remodeling your home?

With an FHA 203(k) or Fannie Mae Renovation Loan, you can purchase or refinance a home with necessary or desired projects in mind, make immediate improvements, and pay for them over time. We specialize in renovation loans and will get you through the process smoothly.

• If you are purchasing a new home, keep renovation loan options in mind. You may find a place that just needs a few updates to be perfect.
• If you already own a home that needs renovations, you can use our Renovation Checklist to get an idea of the scope of the project
• Meet with a Loan Officer to determine which renovation loan is right for your project
• Apply for the loan and our dedicated Renovation Loan Team will work through the financing details and loan approval process
• Working with a variety of experts, chosen by you and approved by us, the project will begin with design plans, a project timeline, and a cost breakdown
• Draws are made to pay for the work throughout the renovation process
• As soon as the loan closes, regular mortgage payments begin with the financing of the renovation included in the payment

Some features of our Renovation loans include:

• Allows for home remodels, expansions, renovations, and repairs, as long as the project will add value and is feasible
• Projects can include necessary repairs, desired upgrades, or a mixture of both
• Project financing is rolled into your mortgage so you don't need to deplete your savings or take on higher interest forms of credit
• Appraisal and loan amounts are based on the "after-repair" enhanced value, so you can maximize your project scope and budget
• Available for second homes and investment properties
• Down payment may be as low as 3.5% for purchase renovation loans

For very large projects, a Construction Loan may be an alternative option. Contact a Loan Officer to learn which loan program is right for you.

203(k) Renovation Checklist