A renovation loan is a mortgage loan that includes extra money for renovating the home. There are FHA renovation loans, referred to as the FHA 203K program, or conventional renovation loans, referred to as the Fannie Mae Homestyle program.
The two types of loans have some similarities, but differences as well. Your best option is to discuss the idiosyncrasies of each with your loan officer to determine if either will perfectly suit your needs. It’s a great way to turn the home that is almost what you want into your dream home! Not only might you have a home that is exactly what you wanted, with updates all complete, but you may find that by doing so, you’ve accumulated immediate equity in the property.
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