LEARNING CENTER
From pre-qualification to final draw — the six stages of every renovation loan.
1 · Consultation. A renovation lender reviews your goals, credit, and target market, and identifies which program fits — 203k Limited or Standard, HomeStyle, CHOICERenovation, or VA Renovation.
2 · Pre-qualification. A secure application produces real numbers: purchase budget, renovation budget, and payment. Your agent gets offer instructions so sellers take your renovation financing seriously.
3 · Property & scope. You find the house; your contractor prices the work. On a Standard 203k, a HUD consultant produces the formal Work Write-Up. Inspections happen here.
4 · Appraisal & underwriting. The appraiser determines the after-improved value, and underwriting reviews borrower, property, and renovation plan together.
5 · Closing. One closing funds the purchase and establishes the renovation escrow. The seller is paid; the project account is ready.
6 · Renovation & draws. Work begins within 30 days. Funds release in draws as stages pass inspection, and the project completes within the program's timeline — up to six months on FHA programs. Then it's simply your home, with one mortgage payment.
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