Renovation Refinance

Renovation loans aren't only for buying. Homeowners can refinance an existing mortgage and roll renovation costs into the new loan — using the FHA 203k, HomeStyle, or CHOICERenovation refinance options.

Because the new appraisal is based on your home's after-improved value, a renovation refinance can fund projects that a traditional cash-out refinance can't reach — especially useful when your current equity is modest but the improvements will add substantial value.

It's the practical answer to a common dilemma: love the location, outgrown the house. Renovate instead of relocating, and finance it at mortgage rates instead of credit cards or personal loans.

Best for

• Homeowners renovating instead of moving
• Projects larger than current equity supports
• Consolidating renovation costs at mortgage rates
• Kitchens, additions, and whole-home updates

Program terms, limits, and eligibility are set by the insuring or guaranteeing agency and vary by lender and county. A licensed renovation lender can confirm exactly what your scenario qualifies for.