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Home Renovation Loans

A single loan to help homebuyers purchase/refinance and renovate.

What is a Home Renovation Loan?

The U.S. Department of Housing and Urban Development (HUD) 203(k) program and Fannie Mae's HomeStyle Renovation loans make it easier to purchase or refinance and renovate with a single loan. These loans are ideal for updating and renovating an existing home, as they are based on the property's future value after the renovation is complete.
Interior Renovation Worker

203(k) Renovation Loan

203(k) home renovation loans, insured by the Federal Housing Authority (FHA), enable you to finance both the cost of the home and any required improvements. These loans cover projects such as:

  • Roof and gutter repair and replacement
  • Installation of energy-efficient windows
  • In-ground pool repair
  • Room additions
  • Kitchen and bath remodels
  • Flooring upgrades

Fannie Mae's HomeStyle™ Loan

HomeStyle is a conventional loan that lets you finance renovations up to 75% of your home's value after the work is done, and also covers luxury items like pools and tennis courts.
couple selecting home renovation services

Limited 203(k) Loans

These loans cover both the acquisition and specific repair costs up to the maximum amount allowed by FHA limits. The total repair cost may not exceed $35,000 and must be cosmetic only.

Standard 203(k) Loans

These loans cover both the acquisition and repairs, including structural changes and additions, up to the maximum allowed by FHA limits. The total repair cost may exceed $35,000.

HomeStyle Loans

These conventional loans cover both acquisition and repairs, including structural changes, additions, and more, up to 75% of the as-completed value of the home. You may not need mortgage insurance if your down payment is large enough.

Why Use a Renovation Loan?

A renovation loan offers the convenience of one mortgage, one closing, and one monthly payment. You will need to make a down payment, and depending on the type of loan, you may be required to carry mortgage insurance. With a renovation loan, you can make necessary improvements to your home without having to deplete your savings or use up your credit cards. Plus, the interest you pay on the loan is tax-deductible.
House and apartment Renovation

203(k) Eligibility

The federal government's insurance of 203(k) renovation loans makes it easier for borrowers with lower credit scores and down payments to acquire them. Lenders assume less risk, and can be more lenient with eligibility criteria compared to other loan types.

HomeStyle™ Loan Eligibity

Qualifying for Fannie Mae's HomeStyle loan means you can use it for either your primary residence or a second home. This loan is a great option for those with a higher credit score, some extra money to put down, and who meet the requirements for a conventional mortgage.
Home Renovation

Speak to an expert today to see if you're eligible for a home renovation loan!

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Our company is not endorsed by, nor acting on behalf of or at the direction of the U.S. Department of Housing and Urban Development, Federal Housing Administration, U.S. Department of Agriculture, Veterans Administration or the Federal Government.

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ShayMak Mortgage, LLC, NMLS #1989312. All Rights Reserved. Some loan products may not be available in all states. Terms, rates, and fees subject to change. Please speak with one of our loan originators for more detail.

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