Home Improvement Loans
Home improvement loans let you finance a home purchase and renovations, making it easier to turn the property into your dream home.
If you're buying a home that needs repairs or upgrades, a home improvement loan can provide the financing you need to make it your own. These loans are designed to help you finance both your home purchase and the necessary renovations.
What Are Renovation Loans?
- No out-of-pocket expenses for upfront renovations or repairs
- Expand your home search by considering older homes or fixer-uppers
- Finance both purchase and renovation with one 30-year fixed-rate mortgage
What You Can Do with a Renovation Loan:
- Low down payments: As low as 3% for an FHA 203(k) loan. Veterans may qualify for 0% down!
- Oversee renovations to ensure they meet your exact specifications
- Finance post-closing costs like inspections, permits, and more
- Finance up to 6 months of mortgage payments, which is useful if you can't live in the home during renovations
Home Renovation Loan Options
FHA 203(k)
- Limited: For projects under $35,000 (excludes structural work).
- Standard: For projects over $35,000 with structural repairs. Includes a 3.5% down payment for single-family or multi-family homes (up to four units).
Fannie Mae Homestyle & Freddie Mac Choice Renovation
- Down payments starting as low as 3%.
- Can be applied to single-family homes, investment properties, or vacation homes.
Renovation Loan for Veterans
- Available for smaller projects under $35,000 (excludes structural repairs).
- Veterans can qualify for 100% financing.