Renovations Landing Page

Renovation Loans (855) 907-0300 Don't move your home. Improve your

 

Don't move your home. Improve your home.

Start your journey with AnnieMac

Get Started Below

By submitting, I am authorizing AnnieMac Home Mortgage to deliver telemarketing calls and text messages to my cell phone using an auto-dialer, text message, or a prerecorded message. I also understand that I am not required to provide this authorization as a condition to doing business with AnnieMac Home Mortgage. Standard text message calling rates will apply.

Overview of Available Renovation Loans

FHA 203k

The Standard FHA 203k allows for home buyers and homeowners to renovate their house while financing it into their mortgage. This can be done with a new home purchase as well as a refinance of an existing home. Renovation possibilities with this product include adding new appliances, replacing a septic system, building a new level, and most other home improvement projects imaginable.

FHA Limited

The FHA Limited 203(k) Rehabilitation Loan is intended for smaller scale projects that are not structural in nature. This program can help a buyer or homeowner remodel a kitchen, change the flooring, or install an outdoor deck, adding to their own enjoyment of the home and adding to its value at the same time.

VA Renovation

The VA Renovation is designed for minor renovations through either new home purchase or refinance. This loan allows a veteran to use their benefits to roll the cost of renovation into the mortgage without putting any money down!

Fannie Mae Homestyle

The Fannie Mae HomeStyle is a renovation loan that can be used on new home purchase as well as refinance. It is like the FHA 203k, but it allows for renovations of luxury items where the FHA 203k does not. Luxury items can include basketball courts, swimming pools, sauna, and more. A HomeStyle can also be used for second homes, unlike a FHA 203k.

Breakdown of Our Renovation Loans

FHA 203k
600

Minimum Credit

55%

Debt to Income

HUD

Consultant Required

Draws

Up to 5

Repairs

$5,000 - unlimited

3.50%

Downpayment Required

Occupancy

Primary Occupancy only

Properties

1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use

Notes

Must live in property for 1 full year after renovation completion

FHA Limited
600

Minimum Credit

55%

Debt to Income

HUD

Consultant NOT Required

Draws

2 Allowed

Repairs

No minimum - $35,000

3.50%

Downpayment Required

Occupancy

Primary Occupancy only

Properties

1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use

Notes

Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.

VA Renovation
620

Minimum Credit

50%

Debt to Income

HUD

Consultant Required if costs exceed $35k or there are structural repairs

Draws

Up to 5

Repairs

No minimum

5%

Downpayment for 1-unit owner-occupied

Occupancy

Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.

Properties

Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo

Notes

n/a

Homestyle
620

Minimum Credit

AUS Approved

HUD

Consultant NOT Required

Draws

None

Repairs

No minimum - $35,000

$0

No downpayment required

Occupancy

Primary Occupancy only

Properties

1 unit Residence, 2 unit residence

Notes

May only be used for minor remodeling and non-structural repairs. Max construction time is 4 months.

600

Minimum Credit

600

Minimum Credit

620

Minimum Credit

620

Minimum Credit

55%

Debt to Income

55%

Debt to Income

50%

Debt to Income

AUS Approved

HUD

Consultant Required

HUD

Consultant NOT Required

HUD

Consultant Required if costs exceed $35k or there are structural repairs

HUD

Consultant NOT Required

Draws

Up to 5

Draws

2 Allowed

Draws

Up to 5

Draws

None

Repairs

$5,000 - ulimited

Repairs

No minimum - $35,000

Repairs

No minimum

Repairs

No minimum - $35,000

3.50%

Downpayment Required

3.50%

Downpayment Required

5%

Downpayment for 1-unit owner-occupied.

$0

No downpayment required

Occupancy

Primary Occupancy only

Occupancy

Primary Occupancy only

Occupancy

Primary home with 1-4 Unit, Second home with 1 unit, and investment property with 1 unit.

Occupancy

Primary Occupancy only

Properties

1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use

Properties

1-to-4 family dwellings, FHA condos, manufactured homes built after 1978, mixed use

Properties

Attached and detached single family dwelings and planned unit developments, and Fannie Mae approved condo

Properties

1 unit Residence, 2 unit residence

Notes

Must live in property for 1 full year after renovation completion

Notes

Must live in property for 1 full year after renovation completion. Property must be habitable throughout the entire renovation.

Notes

n/a

Notes

May only be used for minor remodeling and non-structural repairs. Max construction time is 4 months.