If you are looking to increase the value of your home or reduce your long-term costs through a home renovation - OR if you're looking to buy a fixer upper, a renovation loan may be what you need!
• At least 620 credit score (generally)
• Depending on the type of renovation loan, there may be a cost or time limit on renovations
What is a renovation loan?
This is a loan that includes extra funding for home renovations, including remodels and repairs. There are many different forms of a home renovation loan, and many different options. Here are some of the most common types:
- A purchase loan, with additional funds for home improvements
- A refinance of your current mortgage, with a cash payout for renovations
- A home equity loan or line of credit
- A government loan
- Fannie Mae HomeStyle
- FHA 203(k)
Whether you are currently in the home you want to renovate, or if you are purchasing a fixer-upper, this loan can help cover the additional costs.
How do I know which renovation loan may be right for me?
Since there are so many options for this type of loan, we recommend talking with one of our loan officers. They will be able to get details on your exact situation and guide you to the best decision.