Renovation Loans · 11 states
A renovation loan rolls the purchase price and the repair budget into one mortgage. I help you compare FHA 203(k) and conventional renovation programs.
FHA 203(k)
Conventional renovation
Purchase or refinance
The Basics
Renovation loans let you finance a home that needs updates without a separate construction loan. The lender sets aside funds for the work and releases them as repairs are completed.
Which program fits depends on the size of your project, your credit and your down payment. I run the numbers side by side before you choose.
For cosmetic and non-structural repairs, up to $35,000. A good fit for kitchens, flooring, paint and updated systems.
For larger projects and structural work. A HUD-approved consultant helps manage the repair plan.
Fannie Mae HomeStyle and Freddie Mac CHOICERenovation can suit buyers with stronger credit who want more flexibility.
Use a renovation loan to purchase a fixer-upper, or refinance your current home and fund updates.
How It Works
01
Share the repairs you have in mind and rough costs, and I help you plan the budget.
02
I compare 203(k) and conventional renovation options side by side.
03
Contractors submit bids, and the appraisal reflects the home's value after the work.
04
After closing, repair funds are released in stages as the work is completed.
Who It Helps
Available in all 11 states where I am licensed: VA, FL, TN, GA, NC, SC, MD, DC, WV, TX and KY.
Buyers
FHA 203(k) pairs a low down payment with repair funds, which helps buyers with smaller savings.
Homeowners
Fold updates into a refinance instead of taking on a second loan or paying cash.
Tough properties
Some homes cannot get standard financing until repairs are made. A renovation loan can solve that.
Common Questions
203(k) is an FHA program with flexible credit rules and mortgage insurance. HomeStyle is conventional and may suit stronger credit. I compare both for you.
Most programs require licensed contractors. Rules on do-it-yourself work are strict, so I confirm the details for your project.
Funds are held in escrow and released in stages as the work is inspected and completed.
Explore More
Next Step
Share your project and I will compare renovation programs for your situation. No pressure and no obligation.
Duane Buziak, NMLS #1110647, Coast2Coast Mortgage, LLC, NMLS #376205. Licensed in VA, FL, TN, GA, NC, SC, MD, DC, WV, TX and KY. Equal Housing Lender. FHA limits and program rules change. This information is educational and is not an indication of loan qualification, approval or a commitment to lend. Rates, programs and guidelines change and are subject to credit approval.
