Can I finance a fixer-upper?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. Renovation loans like the FHA 203(k) and Fannie Mae HomeStyle let you finance the purchase plus the cost of repairs in one mortgage, based on the home's after-renovation value.
It's ideal for homes that need work before they'd pass a standard appraisal. We'll structure a renovation loan so the repairs are built into your financing.
Renovation loans exist
Yes. A renovation loan, like the FHA 203(k) or a conventional HomeStyle loan, lets you finance both the purchase and the repairs in one mortgage. You borrow based on the home's value after improvements.
It means you can buy a home that needs work without paying cash for the repairs.
How it works
The lender holds the repair funds and releases them as work is completed. You get a home that fits your needs at a price others may pass on.
We help buyers turn fixer-uppers into dream homes. Apply now and we will map a renovation loan.