Renovation Loans: FHA vs. Conventional

Finance the home and the improvements with one simple loan.

Renovation loans make it possible to finance both the home purchase and the needed repairs with a single mortgage. FHA 203(k) and Conventional HomeStyle® renovation loans each offer a path to buying and renovating, but with slightly different requirements and advantages. Understanding the differences can help you choose the right loan for your project.

Start My Renovation

Renovation Loans Are Good For:

Renovation loans are ideal for buyers purchasing a fixer-upper or homeowners refinancing to make upgrades. They’re a smart option for those with limited upfront cash who want to finance repairs into their mortgage and compare flexible solutions for home improvements.

Renovation Loan Details

Down Payment and Credit Requirements +

FHA 203(k) loans typically require a down payment of 3.5% and accept lower credit scores. Conventional renovation loans generally require 3% to 5% down but often expect higher credit scores and more reserves.

Eligible Renovation Types +

FHA 203(k) loans are only available for primary residences, while HomeStyle loans can be used for primary residences, second homes, and one-unit investment properties. These programs are not intended for short-term investment or resale.

Choosing the Right Fit +

FHA renovation loans are a good fit for buyers who need a more flexible approval process. Conventional options may be better for borrowers with strong credit who want more control over the renovation details and who may be financing a second home or investment property. A loan officer can help you compare both options and decide what works best for your situation.

Not the Loan You Were Looking For?

Secure your Renovation Loan At One of Our Branches

Turning a fixer-upper into your dream home doesn’t have to be complicated. Whether you’re leaning toward FHA or Conventional renovation financing, our experienced loan officers are ready to guide you through each step. Let’s talk and build something great together.

Find a Brand Location

Branch Location

Licensed to Lend

Not Currently Licensed

We Let Our Clients Do The Talking

We aren’t lying about our service. When it comes to customer service, you get the Absolute best. See what our past and current clients have to say!

John Esposito

Communicated clearly and efficiently throughout the entire process. Always available to answer any questions that we had.

Mar/22/2022

Ilham Had

It couldn’t be any better! Thank you.

Mar/22/2022

Vivek Shah

Mr. Sharif made the process very smooth. He explained me the whole process very well. My closing was after 2 months and the interest rates were going up and the sharif guided me to lock the lower rates for two months. Other lenders were not ready to …

Mar/22/2022

Mereena Ceril

It was easy and pleasant to work with Rohit.

Mar/22/2022

Harold Edwin Gaines

They were very professional and made themselves available during our home search. they made the process go smoothly.

Mar/22/2022

Mallikarjun Rao Banda

Rohit Saraogi and Jessica Mastriano have provided exceptional service!

Mar/22/2022

Cecelia LaPoint

Jeff and Kelly kept me up to date on everything throughout the whole process. Answered any questions right away. They were a pleasure to work with.

Mar/21/2022

Elizabeth Barrett Morales

Zephan is the BEST. We had many false starts leading up to our mortgage journey. Zephan patiently waited for us and kept us informed about the market along the way. We know our file was frustrating, but Zeph never made us feel like anything but va…

Mar/21/2022

Giuseppe Castronovo

Zephan put up with my shit for 2 years and about 36 failed contracts

Mar/21/2022

Brian Imbriale

Made it very comfortable and easy to work with

Mar/21/2022

Erik Anderson

Valentina did an amazing job at breaking down the tasks associated with our home buying experience. At each step she walked us through the importance, clearly identified what was expected, and provided additional advisement when there was confusion. …

Mar/21/2022

Satya Putta

Sharif and his team Ana, has been pleasant to work with. He was detailed and competitive in the offering, quick at responding to our needs of getting a pre-approval letter, as we made an offer, and quick at finalizing details to meet the closing date…

Mar/21/2022

Jordan Price

Greg was extremely responsive and answered all my questions.

Mar/20/2022

SVETLANA SYPEN

Great service

Mar/20/2022

John Risitano III

Zephan is very knowledgeable and he knows what he’s doing. He made my whole experience very pleasant, and very stress free. I will recommend Zephan to everyone I know.

Mar/19/2022

Frank A Luna JR

Team was knowledgeable and responsive.

Mar/19/2022

Daniel Rannekleiv

Justin himself was very helpful through a difficult process

Mar/19/2022

Jorge I Pabon

The customer service and follow up was standing

Mar/19/2022

Marta Mroczkowska

His professionalism and understanding of our needs.