Renovation Loan
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A renovation loan finances both the purchase (or refinance) and the cost of repairs or improvements in a single mortgage.
What Renovation Loan means
Programs like FHA 203(k) and Fannie Mae HomeStyle base the loan on the home's projected after-improvement value, with funds released as work completes.
Florida example
A Florida buyer purchases a dated home for $300,000 and adds $50,000 in renovations through a 203(k) loan, financing the total in one mortgage instead of a separate construction loan.
What it finances
A renovation loan rolls the cost of repairs or upgrades into your mortgage. You borrow based on the home's value after the work is done.
FHA 203(k) and Fannie Mae HomeStyle are two common options.
Who it fits
These loans suit buyers of fixer-uppers and owners planning big upgrades. One loan covers the home and the work.
We match you to the right renovation program. Apply now and we will plan your project financing.
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