HomeStyle & Renovation Financing Beyond 203(k)
The FHA 203(k) is not the only way to finance a home and its renovation together. The conventional HomeStyle renovation loan does the same — buy (or refinance) and improve in a single mortgage — often with more flexibility and without FHA’s lasting mortgage insurance.
What sets it apart
- Conventional terms, so the mortgage insurance is removable as you build equity.
- Broad scope — it can fund a wide range of improvements, from repairs to significant remodeling, even some luxury additions.
- Based on the after-renovation value, so you can finance real transformation.
- Available on more property types, including some second homes and investment properties.
Which renovation loan is right
The choice between an FHA 203(k) and a conventional renovation loan comes down to your credit, your down payment and the mortgage-insurance math. For a strong file, the conventional route often wins on long-term cost; for a lower-credit or low-down buyer, the FHA version can be more accessible. We will compare both for your project.
Line up detailed contractor bids and a sensible contingency before you apply for any renovation loan. A clear, realistic scope of work is what keeps the draws — and the project — moving smoothly.