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Home Renovation Financing

Renovate Your Home With the Right Type of Loan

Eligible borrowers may get loans to purchase homes and use part of the funds to carry out renovation/repair work. Existing homeowners may also qualify for home renovation loans.

We provide home renovation loans in three basic scenarios. The first is if you wish to buy a fixer-upper and then repair/renovate it to your liking. The second is if you’ve built enough equity in your existing home and want to renovate or upgrade. We also provide loans to sellers who wish to make their homes more presentable before they start looking for buyers. In all three instances, our loan officers try to find the best possible fit.

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    Use the Funds You Receive for Different Purposes

    You may use the funds you get for a variety of purposes, although this might depend on the type of loan for which you qualify. People commonly get these loans for renovating bathrooms /kitchens, repairing foundations, landscaping, and building extensions, patios, decks, or porches.*

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    What are my options?

    • FHA 203K

      The Federal Housing Administration (FHA) insures 203K loans and you get two options from which to choose. These include a Standard 203k and a Streamlined 203k. You may use the proceeds from a 203K loan to buy a home or refinance an existing mortgage. Neither offer funding for luxury items.*

      If you plan to make significant structural modifications like overhauling your kitchen or bathroom, fixing the foundation, or adding a new room, a standard 203K might work well for you. The minimum you may borrow is $5,000. If you’re looking at carrying out non-structural changes that include minor tweaks to your kitchen or bathroom, plumbing/electrical work, or installing a new HVAC system, a Streamlined 203K would be the way to go. Streamlined 203K loans come with a maximum limit of $35,000.

    • Fannie Mae HomeStyle®

      The Fannie Mae HomeStyle loan lets you fund improvements to your home for up to 50% of its as-completed value. If you qualify, you may pay as little as 5% toward your down payment. While you might need to get private mortgage insurance (PMI), you get to stop making these payments after you build 22% equity. This loan lets you purchase luxury items.*

    * The inclusion/exclusion of luxury items depends on the type of loan you get. Examples of luxury items include swimming pools, tennis courts, Jacuzzis, and gazebos. If you need a complete list of eligible repairs and renovation projects, please get in touch with any of our mortgage specialists.

    If You Have Questions

    Count On Our Experts to Provide the Answers

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    Guide for First-Time Homebuyers

    If you plan to buy a home but don’t know how to go about the process, consider going through our in-depth guide for first-time homebuyers.

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