Renovation loan

Finance the purchase (or refinance) and the repairs in one loan: FHA 203(k), Fannie Mae HomeStyle, and Freddie Mac CHOICERenovation.

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Photo: GlacierNPS · Public domain · Wikimedia Commons

Who it's for

Buyers looking at homes that need work, and owners who want to renovate without a second loan.

How it works

The loan amount is based on the home's value after the planned work.
A contractor's bid and scope are part of the approval. Funds are held and released as work is completed and inspected.
Three flavors: FHA 203(k) for primary residences with flexible credit; HomeStyle and CHOICERenovation for conventional borrowers, including second homes and investment properties.

What you'll need

A licensed contractor and a written bid
Standard income and credit documents
Time: renovation loans take longer to close than a standard purchase

Common questions

Can I do the work myself?

Usually not on FHA 203(k). Some conventional renovation programs allow limited owner work with restrictions.

What can the money be used for?

Most permanent improvements: roofs, kitchens, baths, systems, additions, accessibility changes. Luxury items like pools are limited or excluded depending on the program.

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