Renovation Loan Requirements in Florida
The credit, down-payment, contractor, and project standards FHA 203k and HomeStyle require in Florida. Licensed FL mortgage broker NMLS# 1859012.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
A renovation loan has requirements on three fronts: you, the contractor, and the project itself. You bring the credit and down payment. The contractor must be licensed and approved with detailed bids. The project has to qualify under FHA 203k or HomeStyle rules. Here is the full checklist for Florida.
What You Need to Bring
On the borrower side, the bar matches the program. FHA 203k can start around a 580 to 620 score with 3.5% down. HomeStyle generally wants 620 or higher and 5% down for a primary residence.
Lenders verify income, employment, and a debt-to-income ratio that fits the program. Because the loan is sized on the after-renovation value, a modest down payment can still fund a meaningful project.
| Program | Min Credit | Min Down |
|---|---|---|
| FHA 203k Limited | 580–620 | 3.5% |
| FHA 203k Standard | 580–620 | 3.5% |
| HomeStyle (primary) | 620+ | 5% |
| HomeStyle (investment) | 620+ | 15%+ |
Minimums vary by lender overlay and file strength. Call (561) 300-0380 to confirm where you stand.
Contractor and Scope Rules
The contractor must be licensed, insured, and approved by the lender, and must provide a detailed bid that sets the escrow budget. Florida is strict on roofing and structural permits, so the contractor handles permitting on schedule.
The project scope has to qualify. FHA 203k focuses on repairs and improvements that protect health, safety, and value. HomeStyle is broader and can include certain luxury items like a pool. We map your scope to what each program allows.
Valuing the Finished Home
The appraiser values the home as if the work is already done (the after-renovation value), which sizes your loan. Repair money is held in escrow and released to the contractor in draws as work is completed and inspected.
You never get a lump sum to spend freely, which protects both you and the lender. See how it flows on our how to qualify page.
Renovation Loan Requirements — FAQ
FHA 203k can start around a 580 to 620 score with 3.5% down. HomeStyle generally wants 620 or higher and 5% down for a primary residence. Both size the loan on the after-renovation value, so a modest down payment can fund a meaningful project.
You must use a licensed, insured contractor approved by the lender, who provides a detailed bid that sets the escrow budget. Florida is strict on roofing and structural permitting, so the contractor must be able to pull permits and work on the loan timeline.
Repair money is held in escrow and released to your contractor in draws as work is completed and inspected. You do not receive a lump sum to spend freely. This keeps the project on track and protects both you and the lender.
See If Your Renovation Project Qualifies
203k & HomeStyle check · Contractor & scope review · NMLS# 1859012
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.