Renovation Loan

The Fixer Upper of Your Dreams

You have the perfect vision of your dream home but can’t seem to find it anywhere. 

Maybe you come across a home with the bones of your dreams but it’s not quite there. There’s a loan option for that! With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.
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Renovation Loans

HomeStyle Renovation Loan

You can use a HomeStyle renovation loan to cover costs of repairs, remodels, renovations or energy-efficient improvements on a primary residence, a second home or an investment property.


There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. However, repairs or improvements must be permanently affixed to the real property, add value to the property, and be completed by a licensed contractor.

Limited 203(k) Rehabilitation

Mortgage

In addition to funding your new home, an FHA Limited 203(k) can provide up to $35,000 (including a contingency reserve) in additional funds to help make a few non-structural repairs or renovations such as updating a kitchen or bathroom, adding new flooring, purchasing new appliances, or repairing the roof.


Standard 203(k) Rehabilitation Mortgage

If your potential dream home needs more than $35,000 in renovations or the repairs are structural, the Standard FHA 203(k) might be the right solution. This program removes the restrictions of the limited option to allow for major home remodeling.



A Standard FHA 203(k) can provide additional funds* to help with eligible repairs including moving or removing walls, minor pool repairs, and landscaping.



*Final disbursement of funds is subject to final inspection.

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Toni was awesome in helping me through the mortgage process, her patience and knowledge of the lending aspects were a tremendous help to me!!

- Kelly, Wilmington