Renovation loans

Buy it, fix it, finance it once

Renovation loans finance the purchase price plus the cost of improvements, based on what the home will be worth after the work is done. You make one payment on one loan instead of juggling a mortgage plus a separate construction or credit line.

Common renovation programs

• FHA 203(k): for primary residences, with flexible credit guidelines.
• Fannie Mae HomeStyle: a conventional option that can also be used for second homes and some investment properties.
• VA renovation: for eligible veterans.

What you can finance

Kitchens, baths, roofs, windows, HVAC, additions, accessibility updates, and repairs needed to make a home livable. Luxury items like pools have program-specific rules.

Contractors

Lenders require a qualified contractor with a written bid. Gosney Construction Group, our affiliated company, handles renovations in Northeast Ohio, or you can use any qualified contractor you choose.