Financing options for buyers and homeowners planning improvements, repairs, or upgrades — rolled into one mortgage.
What it is
Renovation loans let you finance the purchase or refinance of a home plus the cost of repairs and improvements in a single mortgage. Instead of buying a home and then taking out a separate loan for renovations, the entire project gets one closing, one rate, and one monthly payment.
Florida buyers love these for older homes, fixer-uppers, hurricane repairs, kitchen and bath updates, additions, and energy-efficiency upgrades. Andrew Kashella helps you compare the major renovation programs — FHA 203(k), Fannie Mae HomeStyle, and VA renovation — and pick the right one for your project.
Who it's for
A few signs this program might be a strong fit. Even if you don't see yourself in this list, reach out — Andrew works with over 100 lenders and there's likely an option that fits.
Key Features
Roll repair costs into your purchase mortgage — one closing, one payment.
Add square footage, gut a kitchen, replace a roof — structural changes welcome.
Existing homeowners can refinance and add renovation funds in one transaction.
FHA 203(k) and VA renovation loans use the same flexible qualification as their parent programs.
FHA 203(k) Limited covers up to $35,000 in non-structural work; Standard 203(k) covers larger projects.
Funds release in stages as contractors complete work — you stay protected.
Frequently Asked
Generally no — renovation loans require licensed contractors with HUD-approved consultants on larger projects. Some lenders allow self-help on minor work.
Funds are placed in escrow at closing and released to your contractor in draws as work is completed and inspected.
FHA 203(k) requires FHA loan terms (3.5% down, MIP, FHA loan limits). HomeStyle is a conventional product with stricter qualification but no MIP at 20% down. Andrew helps you compare for your situation.
Yes — solar panels, new HVAC, insulation, hurricane impact windows, and other efficiency improvements are commonly financed.
Andrew Kashella is here to help you compare options, understand the numbers, and figure out if this program is the right fit for your situation.
Andrew Kashella — NMLS #139171 | Innovative Mortgage Services, Inc. — NMLS #250769
Loan programs are subject to borrower qualification, credit approval, and property eligibility. Not all applicants will qualify. Additional terms and conditions may apply. Interest rates and loan programs are subject to change without notice. This is not a commitment to lend or extend credit.