Renovation Loans
About Renovation Loans:
Renovation loans are designed for homebuyers and homeowners looking to finance repairs, upgrades, or remodeling projects.
These loans provide funds based on the home's projected value after renovations, making them ideal for fixer-uppers or major home improvements. Because renovation loans involve added risk, lender requirements may vary. Typically, borrowers need a detailed renovation plan, a licensed contractor, and a qualifying credit profile to secure financing.
Key Features:
- Property must be your primary residence, not an investment
- Minimum credit score requirement typically around 640
- Loan includes a contingency reserve of 10-20% for unexpected costs
- Allows you to borrow money above the price of the home to renovate the home both structurally and cosmetically
- Can be used for homes up to 1-4 units if owner-occupied
Get Pre-Approved Today!
Take the first step toward homeownership with a quick and easy pre-approval.Take the first step toward homeownership with a quick and easy pre-approval.
Knowing your budget upfront helps streamline your home search and gives you a competitive edge.
Our team is here to guide you through the process and find the best loan option for your needs.
Get started today!
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Common Loan Products
Conventional Loans
Conventional loans are the most common type of mortgage and are not government-backed.
VA Loans
VA loans are backed by the U.S. Department of Veterans Affairs and are available to eligible military service members, veterans, and surviving spouses.
VHDA Loans
Virginia Housing offers programs for both first-time and repeat homebuyers, helping make homeownership more affordable.
FHA Loans
FHA loans are insured by the Federal Housing Administration and designed for buyers with lower credit scores or limited down payments.
USDA Loans
USDA loans are insured by the U.S. Department of Agriculture and help buyers purchase homes in eligible rural and suburban areas.
Jumbo Loans
Jumbo loans are designed for high-value properties that exceed conventional loan limits.
Unique/Specialized Loan Products
Equity Line Loans
A Home Equity Line of Credit (HELOC) allows homeowners to access their home’s equity without refinancing their existing mortgage.
Renovation Loans
Renovation loans are designed for homebuyers and homeowners looking to finance repairs, upgrades, or remodeling projects.
Construction Loans
In Virginia, construction loans typically offer short-term financing that converts to a traditional mortgage once the project is complete.
