What you can do with a renovation loan
- Update a kitchen or bathrooms
- Replace a roof, windows, or flooring
- Upgrade plumbing, electrical, or heating and cooling
- Add a room or make the home more accessible
- Make repairs needed to buy a fixer-upper
Why buyers love it
- One loan, one payment. No separate construction or personal loan.
- Borrow based on the improved value. In many cases, the loan amount is based on what the home will be worth after the work is done.
- Turn a fixer-upper into your dream home in a neighborhood you love.
Renovation loan options
We offer several renovation programs, including FHA 203(k) and conventional renovation loans. We'll recommend the best fit based on the size of your project and your situation.
How the process works
- Plan your project. Decide what work you want done.
- Get contractor bids. You'll work with a licensed contractor who provides a detailed bid.
- Appraisal. The home is appraised based on its value after improvements.
- Close your loan. Renovation funds are held and released to your contractor in stages as work is completed.
Where this is available
Renovation loans on a primary residence are available in California, Arizona, Colorado, Florida, and Texas.
Program availability can vary by state and property. Contact us to confirm options for your home.
Frequently asked questions
Can I do the work myself?
Most programs require a licensed contractor.
How is the money paid out?
Renovation funds are typically released in stages as the work is completed and inspected.
Can I use a renovation loan to refinance?
Yes. You can refinance your current home and include the cost of improvements.