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Financing for the purchase and renovation costs of a fixer-upper property

Renovation Loan Quick Facts

3.5% Down

Minimum Down Payment

620Credit

Minimum Credit Score

43%DTI

Max Debt-to-Income Ratio

What is a Renovation Loan?

Purchasing a home in need of major repair or planning a remodel of your existing home can be overwhelming. But securing financing to tackle these projects doesn’t have to be a daunting task. Renovation Loans are designed for people wanting to finance both the mortgage to purchase or refinance a fixer-upper and the funds needed to repair and remodel the property all in a single loan with one application, one closing, and one monthly payment.

What are the benefits of a Renovation Loan?

Renovation Loan benefits and features:

  • Purchase a home that is less-than-perfect in a great neighborhood or is a foreclosure, short sale, or other distressed property. Eliminate problems with the property before you move in.
  • A Renovation Loan is a convenient, economical way to make changes with a first mortgage (purchase or refinance), rather than a second mortgage or a home equity line of credit.
  • Examples of renovations, depending on your loan type: kitchen and bath updates, exterior and interior paint, flooring and carpeting, landscaping, roofing and gutters, electrical and plumbing, structural alterations and additions, and swimming pool.
  • FHA 203(k) and Fannie Mae HomeStyle® Renovation Loans are available. Your Academy Loan Officer can help you decide which loan solution will help make your dream home a reality.
  • Other requirements and conditions apply.

Who may benefit from a Renovation Loan?

A Renovation Loan may the right fit for you if:

  • You’re a first-time or repeat homebuyer.
  • You want to buy a “fixer-upper” home in a great location and get extra money to renovate it, all with one application, one loan, and one payment each month.
  • You want to refinance and renovate your current home—again, all with just one loan!

Texas
Meet Your Mortgage Expert for
Renovation Loans

Arnold Herrera

Loan Officer | NMLS #1690024

It’s my duty to make sure that every client has a great experience in one of their major milestones in their lives. My tenacity has helped many clients achieve home ownership and I’m here to do the same for you and your family.

Corp NMLS #214519 | Equal Housing Lender

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Is a Renovation Loan right for you?

Get in Touch with a La Cantera Loan Expert:

  • Start application/pre-approval
  • Calculate payments easily
  • Securely scan & upload docs
  • See your progress
  • Get updates as you go