Who this may fit
Renovation mortgages can combine eligible home improvements with a purchase or refinance. FHA 203(k) and conventional renovation options have different property, project, contractor, and borrower requirements. Ask which options are currently available before committing to a project.
Preparation checklist
- Property details and a specific proposed scope of work
- Contractor bids, licenses, schedule, and permit information
- Income and asset records plus savings for contingencies
How to compare this option
Financing is based on an approved scope, budget, and appraisal process. Funds for work are generally managed through a renovation escrow and released under program rules. Include contingency funds, inspections, permits, and possible temporary housing in your plan.
Sharing documents safely
Use the preparation checklist above. Use the secure application portal for financial documents; please do not send statements or tax returns through the general inquiry form.
Frequently asked questions
Can I include structural repairs?
Some programs allow more extensive work than others. The lender must review the specific scope, property eligibility, and whether a consultant is required. Do not assume every renovation product covers structural changes.
Can I do the work myself?
Do not count on it. Many lenders require approved contractors and restrict self-help work. Confirm the contractor rules before selecting financing.
Can repairs start before closing?
Ask the lender first. Work, payments, or contract changes before closing can affect the loan and its escrow arrangements.
What happens if work costs more or takes longer?
Contingency reserves and completion deadlines are part of the program review. Cost overruns may require your own funds, and extensions need approval. Discuss change orders before work begins.
Sources & further reading
Educational review: October 30, 2026. Guidelines and availability can change. Lender examples explain product structures and do not establish IMS availability or quoted terms.
Program availability, fees, and qualification requirements vary by lender, property, location, and borrower. These guides are educational, not an offer, quote, eligibility decision, or commitment to lend.