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Renovation Home Loans

Interested in buying a home and also receive financing from us for repairs to your home? — Yes, we can do that.

We provide funds for the purchase and for the renovations to the property. You can choose to make small repairs to make the property livable or large repairs such as upgrading the interior or adding an entire floor or addition or even digging out a basement.  Regardless of the repairs you choose to make, our appraiser will make sure that the repairs are justified by what the future value of the property will be after construction is complete.

We offer two types of renovation loans:

1. FHA 203(K)

The Federal Housing Administration (FHA) offers loans specifically for renovation. FHA 203(k) funds a primary residence including repairs in one mortgage with a minimum down payment of 3.5%. There are two types of 203(k) loans:

  • Standard FHA 203(k): Allows borrowers the flexibility to finance major rehabilitation that costs a minimum of $5,000 up the county limit.

  • Streamline FHA 203(k):Provides financing for minor renovations and repairs up to $35,000 of your mortgage.

2. Fannie Mae Homestyle®

Fannie Mae (FNMA) Home Style®  allows you to purchase and renovate a primary residence, second home or investment property with a minimum down payment of 5% in a single mortgage up to the lending limit.

Things To Know About Renovation Loans

These types of loans do come with slightly higher costs and higher interest rates due to the added risk of us lending money for both purchasing a property as well as for your construction project. However, it might allow you an opportunity to purchase a property that needs work; one that you may otherwise only be able to purchase with cash.

At First Home Mortgage we take our renovation loans seriously and we have an entire department devoted to working solely on renovation loans. We do this for our clients because we want to ensure that the process is incredibly smooth.


HomeStyle ® is a registered trademark of Fannie Mae


Have questions?  Give us a call!  Amanda & Team would be happy to answer all of your questions and get you started with a great low rate today!


Working with Amanda and Team

  • We put YOU first.
  • Fast and efficient, we close most of our loans in 30 days or less.
  • We offer a variety of loans. Amanda and team can help you find the loan that is right for you!!!

**Amanda E. Garcia, First Home Mortgage is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.

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