What is a renovation loan?
A renovation loan helps you buy or refinance a home and include repair or improvement costs in a single mortgage—so you can make the home move-in ready or upgrade over time while keeping one loan payment.
HomeStyle Renovation (conventional)
HomeStyle Renovation can be a good fit when you want a conventional loan structure and need funds for improvements based on an “as completed” appraisal approach (program limits apply).
- Common uses: kitchens, baths, flooring, roofing, and other qualifying improvements.
- Credit and LTV requirements vary by scenario—your loan officer will outline the plan.
FHA 203(k)
The FHA 203(k) program helps buyers purchase or refinance homes that need repairs, rolling eligible improvement costs into the FHA loan (there are streamlined and standard paths depending on project scope).
- Common uses: cosmetic updates, systems upgrades, and larger repairs depending on program option.
- FHA requirements apply (down payment, mortgage insurance, primary residence, etc.).
Which option is better?
It depends on your credit profile, down payment, the scope of work, and how quickly you need to close. We will compare payment, insurance, and renovation control timelines side by side.
Next step
Bring a contractor estimate (if you have one) or a simple list of desired repairs. We will help you choose the renovation path that fits.
Contact us to see what you qualify for
Renovation loan programs are subject to eligibility, credit, income, property, and contractor requirements.
All loans are subject to credit and underwriting approval. Program guidelines, rates, and limits change. This page is for general education and is not a commitment to lend. Ask a licensed loan officer for details that apply to you.