Your Options

Renovation Lending Solutions for Buyers & Homeowners

The Certainty Home Loans Renovation Lending program provides qualified buyers with the financing to purchase and renovate, in one affordable home loan. The program is also available to homeowners who want to refinance and renovate or remodel their existing home. The best part is that all renovation work is completed by a professional contractor after closing. Our dedicated renovation specialists will work with you to help find competent licensed contractors, get bids and obtain renovation information. We manage the renovation financing by disbursing payment to the contractor on your behalf at key stages of progress so you can focus on your renovation.

Depending on the loan program, the type of renovations you can finance include:

  • Finish the basement
  • New flooring, new kitchen, new bathrooms,
  • Add energy efficient windows & doors
  • Upgrade furnace, HVAC system
  • Expand the house - add a bedroom, bathroom, master suite.
  • Create open-plan living - tear down/move walls
  • Remodel the kitchen
  • Add a garage

Conventional HomeStyle Renovation Home Loan

If you have a minimum 620 credit score you can apply for a conventional Fannie Mae HomeStyle® Renovation Loan to:

  • Purchase and renovate a new home purchase
  • Refinance and renovate your existing home

FHA 203(k)

The Federal Housing Administration (FHA) has two home loan options for homebuyers or homeowners who want to include the cost of their renovation into one home loan:

  • Use a FHA 203(K) Standard Renovation to finance major renovations exceeding $35,000, including structural damage and extensive remodeling
  • Use a FHA 203(K) Streamlined Limited Renovation to finance minor remodeling and repairs under $35,000

VA Renovation Fixed Rate Loan

If you are a veteran or on active duty, you could qualify for a VA renovation home loan that will finance the purchase and costs to renovate a home in one affordable home loan.

With 15-year and 30-year loan terms available, the program will finance the cost of repairs and renovations up to 25% of the “after improved” appraised value of the home. Qualified applicants may be eligible for up to 100% financing (even if used previously).

Renovations must be permanently affixed and add value to the property. All repairs and renovations must be completed by a contractor of your choice within 60 days of closing. The contractor must be licensed, registered with the VA, and provide VA builder ID number.

Please note: The VA has this loan program on hold during the COVID-19 period.