home | Renovation Loans

Been House Hunting and Want More Options?

With a renovation loan from PrimeLending, you can consider homes that you may have passed up before, knowing that you’ll be able to make improvements right after closing. Already a homeowner? A renovation loan can help you with upgrades to transform your house into your dream home.

Our loan programs can help you make improvements right away and roll the cost of the upgrades into your mortgage.

With a low down payment and a loan amount based on the appraised value of the home after improvements are made, you may be able to:

  • Update the kitchen or bathrooms
  • Install new carpet or flooring
  • Upgrade the electrical, plumbing and/or heating systems
  • Replace the roof, siding or windows
  • Make any repair* or renovation* that makes the house suit your needs

Home improvements can add value to your home during the years that you own it and when the time comes to sell. You deserve to go home happy. Take steps to ensure your home is comfortable, secure, energy-efficient and safe.

*Additional restrictions may apply. Contact your PrimeLending loan officer for more details.

Repair, remodel or upgrade your home with the FHA 203k Renovation Loan Program

Use the FHA 203k Renovation Loan to refinance your existing home or to purchase a new home that requires repair. This eliminates the need for a separate loan to cover those costs so you’ll still only have one loan and one simple monthly payment.

Advantages include:

  • Repair/renovation coats are rolled into one loan.
  • Major items are allowed (i.e., foundation).
  • Low down payment (3.5%) and seller can pay up to 6% toward closing costs.
  • You can close the loan before repair/renovation begins.
  • Money disbursed on a draw basis after closing, as construction in completed.
  • Loan amount can go up to 110% of the “after-improved value”.
  • Buyer can include optional renovations/upgrades.

Eligible repairs and renovations include:

  • Foundation repair
  • Roof replacement
  • Interior/exterior painting
  • Kitchen/bath remodeling
  • Central heating/air systems
  • Energy efficiency improvements
  • Landscaping/exterior upgrades or repairs
  • New built-in appliance
  • Mold repairs or mod remediation

HomeStyle®* and PrimeLending

Finding the right home and the right financing can be a challenge these days. One of the advantages of working with a PrimeLending renovation loan officer is that they know renovation loans – and that can help to open more doors!

The PrimeLending team knows renovation loans and how to help you see beyond what ‘is’ to what ‘can be.’ With a variety of lending options for first homes, investment or second properties, and energy- efficiency improvements, there is a loan that is right for you!

Benefits of the HomeStyle®* Renovation Loan

  • Affordable option to renovate or improve a home
  • Value and efficiency, saving money and time
  • Funds are for repairs/renovations that are permanent to the property and add value
  • Flexible offering for purchase and refinance
  • Streamlined documentation
  • Primary, second home and investment property
  • Max renovation costs 75% of the “as-completed” appraised value of the home – no exceptions!

HomeStyle®* renovation loans are a great way to turn the ‘fixer-upper’ property into a dream home for you or someone else.

Investment Options

At PrimeLending, our loan professionals can show you how renovation programs may be good options to finance an investment home, plus any needed improvements with one loan. Some restrictions do apply, so be sure to consult the renovation professionals at PrimeLending.

*HomeStyle® is a registered trademark of Fannie Mae.

Primelending’s Buyer/Seller Funded Repair Escrow Program

A versatile and timely home loan option.
PrimeLending’s Buyer/Seller Funded Repair Escrow program is a great option for those who are looking to sell their property quickly, but do not have the time or money to complete repairs or renovations. The seller can fund an escrow account for the buyer to have the repairs and or renovations completed.

Program Guidelines

  • FHA and Conventional Loan Programs Eligible
  • USDA and VA Loan (seller funded only)
  • 10% of Improved Value PLUS a 10% Contingency Reserve
  • Contingency reserve is 10% of the repair amount – required for all loan transactions
  • The maximum amount of time allowed for repairs is 30 days
  • Renovation team will review repairs and determine if eligible
  • Improvements must attach to the property and add value

Parties listed below are not eligible to perform the work:

  • Borrower
  • Family member
  • Borrower’s employer
  • Seller
  • Realtor
  • Any interested party to the transaction

Jumbo Renovation Financing

If you are seeking renovation financing for a Jumbo loan purchase, review the program facts below and contact me to discuss your options. I am happy to guide you through the entire mortgage process and help you see your home dreams realized.


The Jumbo Renovation Loan is a 30-year, fixed-rate loan. No ARMs are available with this loan.

  • Maximum Renovation/Repairs
    • Maximum amount allowed for repairs and/or renovations may not exceed the lesser of $250,000 or 30% of the completed renovation value
  • Allowed Renovations/Repairs
    • Must be permanently attached to the subject property and add value to the property
    • Basic renovations and repairs include, but are not limited to, kitchens, bathrooms, swimming pools, outdoor living spaces and hardscapes (e.g., exterior walls, walkways, etc.)
  • Non-Allowable Renovations/Repairs
    • Items that are not permanently affixed to the subject property or add no value to the property
    • These items include, but are not limited to, unfinished new construction and model homes, or renovations that require additional square footage

Renovation Guide cover

Free Download

Renovation Handbook

for homebuyers

How do you get pre-qualified* for a loan? How much money do you need out of pocket? What types of work are covered? We answer these questions and many more in our Renovation Handbook for Homebuyers. Enter your email address below and we’ll send a copy to your inbox.