Renovation Loan Programs

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Renovation Options


Renovation Options can include anything that adds value to the home such as:

  • Room addition, incluidng new bathrooms
  • New carpet, plumbing and roofing (new or repaired)
  • Remodel kitchen, purchase and install new appliances
  • New roof
  • Repair/Replace/Upgrade existing HVAC system
  • Paint - interior and exterior
  • Weatherization - including storm windows and doors, insulation, weather stripping, etc.
  • Accessibility improvements for persons with disabilities
  • Elimination of health and safety hazards, termite removal and mold remediation

Standard - FHA 203k

  • Repairs/improvements must be at least $5000
  • Used to facilitate major repairs and improvements
  • Consultant required
  • Architectural exhibits required
  • Termite report required
  • Purchase or refinance
  • Up to six (6) months PITI can be included if property cannot be occupied during construction

Limited - FHA 203K

  • No minimum repair amount
  • Maximum repair amount of $35,000
  • Used to facilitate uncomplicated repairs and improvements
  • No Consultant required
  • No Architectural exhibits required
  • Purchase or refinance

Fannie Mae HomeStyle Renovation

This program allows for the purchase and renovation of a home. A borower may refinance and remodel an existing property. Funds may cover up to 50% of the completed value of the home. With a low 5% minimum down payment, you can use the loan for a primary residence. Second home or investment property options are also available. Low or no PMI for qualified borrowers!


Call for more details 757.366.8690 or email Renovation Loan Coordinator Lori Walder