Renovation Loans
Why Choose a Renovation Loan?
Create the home you’ve always wanted, whether you’re renovating your current home or buying a fixer-upper.
One Loan Solution
Designed to finance both your home and renovations with one loan.
Low Down Payment
Many renovation loan programs offer low down payment options for qualified borrowers.
Customize Your Home
Finance improvements that help make a home better fit your needs, preferences, and lifestyle.
Stop Searching, Start Creating.
A renovation loan can help you purchase a home with potential and make it your own.
Renovation Loan Options
FHA 203(k)
Ideal for financing major repairs and renovations with an FHA loan.
Fannie Mae HomeStyle®
Flexible financing for a wide range of home improvement projects.
Freddie Mac Choice Renovation Express
A streamlined option for eligible repairs and updates.
VA Renovation Loan
Eligible Veterans can buy and renovate with a single VA loan.
Which Renovation Loan Is Right for You?
FHA 203(k)
Designed for homebuyers and homeowners looking to finance renovations through an FHA-backed loan. This option can be used for a variety of eligible repairs and improvements, making it a popular choice for homes that need significant updates.
Fannie Mae HomeStyle®
HomeStyle offers flexibility for a wide range of renovation projects and property types. It can be a great fit for borrowers looking to finance both necessary repairs and cosmetic improvements with a conventional loan.
Freddie Mac Choice Renovation Express
Choice Renovation Express is designed to simplify the renovation financing process for eligible projects. It may be a good option for borrowers looking to make improvements without the complexity often associated with larger renovation projects.
VA Renovation Loan
Created for eligible Veterans and active-duty service members, this program combines home financing and eligible renovations into one loan. It can help borrowers purchase a home with potential and make improvements after closing.
Not Sure Which Option Fits Your Goals?
A loan officer can help you compare renovation loan options and determine which program may be the best fit for your home, budget, and renovation plans.
Calculate Your Renovation Loan
Estimate Your Renovation Loan Payment
See How Much Home You Can Renovate
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Unsure about Renovation Loan Eligibility?
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Frequently Asked Questions
What is a renovation mortgage loan?
A renovation mortgage loan combines the cost of purchasing or refinancing a home with the cost of eligible renovation expenses into a single mortgage.
How does a renovation loan work?
Renovation loans allow eligible improvement costs to be financed as part of your mortgage. Funds for renovations are typically released as work is completed according to the approved project plan.
What types of home improvements can a renovation loan be used for?
Depending on the loan program, renovation loans may be used for a variety of repairs, updates, and improvements, from necessary repairs to eligible cosmetic upgrades.
How long do I have to complete renovations?
Renovation timelines vary based on the loan program and scope of work. In general, renovations are expected to begin shortly after closing and are often completed within six to nine months, though requirements may vary.
Can I complete the renovation work myself?
In some cases, borrowers who are licensed professionals in a specific trade may be permitted to complete work related to that trade. Eligibility and requirements vary by loan program.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Not all products available in all areas. Other limitations apply. Rates, terms, and availability of programs are subject to change without notice. loanDepot.com, LLC is not acting on behalf of or at the direction of HUD/FHA or the federal government