Skip to content

RENOVATION LOAN

What is a Renovation Loan?

A Renovation Loan is a specialized mortgage designed to help homeowners or buyers finance the cost of home improvements or repairs. These loans bundle the purchase price (if applicable) and the renovation costs into a single loan, simplifying the process of upgrading your property. Whether you’re looking to modernize your kitchen, add an extra room, or make essential repairs, a Renovation Loan provides the flexibility and funds to bring your vision to life.

Who is Eligible?

Renovation Loans are accessible to a wide range of borrowers with varying needs. Key eligibility criteria include:

 

  • Credit Score: A credit score of 620 or higher is typically required, though some programs may accommodate lower scores.

  • Property Types: Eligible properties often include single-family homes, multi-family homes (up to four units), and some condominiums.

  • Down Payment: A down payment of 3-5% is generally needed, depending on the loan program.

  • Professional Contractors: Most programs require the use of licensed contractors for renovations.

Renovation Loans are perfect for both new homebuyers and current homeowners looking to improve their living spaces or increase property value.

Features of Renovation Loans

Combined Financing

Renovation Loans merge the cost of the home and the renovation into one mortgage, streamlining the financing process.

Flexible Loan Options

Choose from government-backed programs like FHA 203(k) or conventional loans like Fannie Mae’s HomeStyle® Renovation Loan, depending on your needs.

Wide Range of Improvements

Funds can be used for various projects, including structural repairs, cosmetic updates, and energy-efficient upgrades.

Increased Home Value

Renovation Loans allow you to enhance your property’s appeal and market value, offering a significant return on investment.

Low Down Payment Options

Some Renovation Loan programs require minimal down payments, making them accessible to a broader range of borrowers.

Possibility starts here

Get approved for your mortgage.

It may be hard to believe, but in just a few clicks, a new home or mortgage savings could be yours.

Apply Now

Client testimonials

What They Say About Us

Sarah M.
"Working with USA Mortgages was a game-changer. As a first-time homebuyer, I was nervous about the process, but they were so patient, explaining every detail and helping me find a loan that fit my budget. They truly made me feel like family. I’d recommend them to anyone!"
Kevin L.
"I was looking to refinance, but I’d been putting it off because of all the paperwork. USA Mortgages took care of everything and got me an incredible rate! The whole experience was straightforward, quick, and stress-free. I’m saving over $200 a month on my mortgage now!"
Luis G.
"I’d heard horror stories about mortgage brokers, but USA Mortgages changed my mind. They found me a great deal on my mortgage, and the whole team was responsive, friendly, and genuinely invested in helping me close on my dream home. I’m beyond grateful!"
Amy T.
"USA Mortgages turned what I thought would be a long, confusing process into a breeze. They answered all my questions, gave me solid advice, and were with me every step of the way. Thanks to them, I’m officially a homeowner! Can’t thank them enough."
Marcus J.
"As a veteran, finding a loan that respected my service was important to me. USA Mortgages guided me through every VA loan benefit, securing terms that worked for me and my family. This team knows their stuff and respects their clients – highly recommend!"
Jasmine H.
"I had some credit challenges, but USA Mortgages didn’t treat me any differently. They found options that other lenders didn’t and walked me through ways to improve my credit. Thanks to them, I’m a homeowner – something I didn’t think was possible!"