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Love Your Home Again with a Renovation Loan

Is your home starting to feel a little meh? Or maybe you’ve found the perfect house—but it needs an overhaul? Whether you’re upgrading your current space or transforming a fixer-upper, a renovation loan can make your home remodeling dreams a reality.

What is a renovation loan?

A renovation loan combines your home financing and renovation costs into one convenient loan. Instead of juggling separate payments, you’ll have one monthly payment that covers it all.

Already own your home but want to update it? A renovation refinance loan lets you roll your current mortgage and renovation expenses into one simple payment. Use it to remodel your kitchen, update the bathroom or tackle those long-overdue upgrades.

Explore popular renovation loan options

FHA 203K loans

The FHA 203K loan is a favorite for homebuyers and homeowners alike. Backed by the Federal Housing Administration, this loan keeps renovation costs manageable with benefits like lower down payments and competitive refinancing rates.

  • Standard FHA 203K—Perfect for big projects like replacing plumbing, upgrading floors or making your home more energy efficient.
  • Limited FHA 203K—Ideal for smaller, cosmetic updates like finishing a basement, repairing a patio or replacing gutters.

VA renovation loans

Are you a member of the military or a qualified spouse? VA renovation loans offer exclusive benefits, such as no down payment1, no private mortgage insurance2 and loan amounts up to $1 million. Whether you’re fixing up a new purchase or modernizing your current home, this option provides the savings and convenience you deserve.

Fannie Mae HomeStyle® and Freddie Mac CHOICERenovation® loans

Looking for flexible financing for your home renovation? The Fannie Mae HomeStyle® and Freddie Mac CHOICERenovation® loans are government-backed options that are perfect for updating older homes or customizing your dream home. Both loans allow you to finance repairs and upgrades, whether you’re buying or refinancing.

Other renovation loan options

If government-backed loans don’t fit your needs, try exploring these other flexible solutions:

  • Repair escrow: Tackle home repairs with funds set aside in an escrow account managed by your lender.
  • Pool escrow: Dreaming of a backyard oasis? A pool escrow can help make it happen.
  • EZ “C”onventional loans: Ideal for smaller updates, like a fresh coat of paint or minor repairs.

Why choose a renovation loan?

Renovation loans streamline your home improvement projects, save time and simplify your budget. Whether you’re giving your home a facelift or tackling a major overhaul, the right loan can help you stay on track financially while creating a space you love.

Ready to start your renovation journey? Don’t let financing stand in the way of your dream home. Contact a PrimeLending renovation loan expert today to explore your options and take the first step toward your home transformation.

Product info as of 2/21/25, subject to change.

1Down payment waiver is based on VA eligibility.

2There is an upfront funding fee that takes the place of mortgage insurance.

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Becky B.

Becky Bruning is an accomplished copywriter with a wealth of experience in the field and has honed her skills over the past seven years to become a sought-after writer. Based in Dallas, Texas, Becky has built a reputation as a reliable and talented professional, delivering top-quality content across a range of industries. As Digital Content Writer for PrimeLending, she works to develop and execute content marketing assets that drive engagement and growth. She specializes in creating content that is both informative and entertaining, utilizing her knowledge of copywriting and marketing to craft compelling pieces that resonate with audiences. Becky's skill set is extensive, encompassing a range of competencies that make her a valuable asset to any project. Her expertise in crafting SEO-friendly content, creating engaging blog posts, and writing engaging scripts have made her a go-to resource for improving an online presence. She also has experience in social media management and email marketing, giving her a holistic understanding of the digital landscape. Becky holds a Bachelor of Arts degree in Advertising from Iowa State University. Her work history includes stints as a Copywriter for a SaaS startup, a Proofreader, and a Journalist, Designer and Copywriter for a news publication. Each of these roles has provided Becky with valuable experience, helping her to refine her craft and develop her expertise. In her free time, Becky enjoys reading, writing fiction, and crafting. She is an active member of the area writing community to learn from and connect with other local authors. Becky is passionate about her work and is always looking for new opportunities to challenge herself and grow as a writer.

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