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The Standard FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage. This can be done with a new home purchase as well as a refinance of an existing home. Renovation possibilities with this product include adding new appliances, replacing a septic system, building a new level, and most other home improvement projects imaginable.
The FHA Limited 203(k) Rehabilitation Loan is intended for smaller scale projects that are not structural in nature. This program can help a buyer or homeowner remodel a kitchen, change the flooring, or install an outdoor deck, adding to their own enjoyment of the home and adding to its value at the same time.
The VA Renovation is designed for minor renovations through either new home purchase or refinance. This loan allows a veteran to use their benefits to roll the cost of renovation into the mortgage without putting any money down!
The Fannie Mae HomeStyle is a renovation loan that can be used on new home purchase as well as refinance. It is like the FHA 203k, but it allows for renovations of luxury items where the FHA 203k does not. Luxury items can include basketball courts, swimming pools, sauna, and more. A HomeStyle can also be used for second homes, unlike a FHA 203k.
Minimum Credit
Debt to Income
Consultant Required
Up to 5
$5,000 - unlimited
Downpayment Required
Primary Occupancy only
1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use
Must live in property for 1 full year after renovation completion
Minimum Credit
Debt to Income
Consultant NOT Required
2 Allowed
No minimum - $35,000
Downpayment Required
Primary Occupancy only
1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use
Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.
Minimum Credit
Debt to Income
Consultant Required if costs exceed $35k or there are structural repairs
Up to 5
No minimum
Downpayment for 1-unit owner-occupied
Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.
Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo
n/a
Minimum Credit
AUS Approved
Consultant NOT Required
None
No minimum - $35,000
No downpayment required
Primary Occupancy only
1 unit Residence, 2 unit residence
May only be used for minor remodeling and non-structural repairs. Max construction time is 4 months.
Minimum Credit
Minimum Credit
Minimum Credit
Minimum Credit
Debt to Income
Debt to Income
Debt to Income
AUS Approved
Consultant Required
Consultant NOT Required
Consultant Required if costs exceed $35k or there are structural repairs
Consultant NOT Required
Up to 5
2 Allowed
Up to 5
None
$5,000 - ulimited
No minimum - $35,000
No minimum
No minimum - $35,000
Downpayment Required
Downpayment Required
Downpayment for 1-unit owner-occupied.
No downpayment required
Primary Occupancy only
Primary Occupancy only
Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.
Primary Occupancy only
1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use
1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use
Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo
1 unit Residence, 2 unit residence
Must live in property for 1 full year after renovation completion
Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.
n/a
May only be used for minor remodeling and non-structural repairs. Max construction time is 4 months.
