A home renovation loan gives you the ability to take the home from what you like to what you love. Home renovation loans are designed to help you buy or refinance and renovate, customize, modernize, and more, all with one loan. From simple upgrades to major home improvements, these renovation loans are here to give you the flexibility with monthly payments that may be tax deductible at great rates.
What to know about home renovation loans
These loans are designed to help boost home enjoyment and even potentially increase overall home value.
- Use it to customize a bathroom, renovate a gourmet kitchen, or open up a dining or living room
- Make needed repairs
- Transform your current home or remodel to make a new one your own
- Borrow based on the after-upgrades value of the home
- Finance up to six months mortgage payments during major renovations
- Down payments start at 3.5%
- You can borrow up to $500,000 for renovations with a jumbo cash out refinance.
Home renovation loan types
FHA 203k Loan
As an approved FHA 203k home renovation lender, you can remodel with confidence. Our team will help with the payment process from day one to the very end of the project. The FHA 203k loans can help in a couple of situations:
- When you buy a less-than-perfect home and look to make it your own
- When you buy a fixer-upper and make repairs
- Customizing bathrooms, kitchens, basements, or living rooms
- Updating major home system like heating and cooling, roof, decks, and more
Jumbo renovation loan program
The jumbo renovation loan program lets you pull up to $500,000 from your already high-value home to complete renovations. These are great for updating kitchens, setting up outdoor entertainment systems, or refreshing your master bedroom.
You can use the jumbo loan when your loan amount may exceed the Fannie Mae/Freddie Mac (conforming) limits of the area.
Our team of loan experts are here to help you navigate the home loan process. Get in touch today to start with the upgrades you’ve always wanted.