Program Options
There are four main types of renovation lending products used during home renovation projects. A Limited 203K Mortgage, Standard 203K Mortgage, Fannie Mae Homestyle, and Freddie Mac Choice Renovation.
Lenders may have other programs available. We are not a lending company, so please consult with your lender for options, qualifications, and other details.
Limited FHA 203K
Designed for small renovation projects up to $35,000 for repairs, improvements and upgrades to your home. Used for minor, non structural repairs and improvements such as remodeling a kitchen or bath.
Standard FHA 203K
The FHA 203K Standard program is for large renovation projects such as structural additions, remodeling multiple rooms, and even full gut rehabs as long as the project stays within the FHA mortgage limit for that area.
Homestyle/Choice
The Homestyle and Choice Renovation products are more conventional loans and can be used for a wider range of projects such as a secondary home or investment property. The Freddie Mac Choice has an emphasis on improving a properties resilience against natural disasters or adding energy efficiency.
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