Renovation Loans

Renovation Loans

A renovation loan is a mortgage that allows you to buy or refinance a home that needs work and roll the renovation costs into the loan amount. A renovation loan gives homebuyers and homeowners the funds to make necessary or desirable renovations to a home or access the credit to make those changes.


Renovation loans come in various packages, including simple personal loans or government-sponsored loans to get the job done. Depending on your credit score, location, and scope of work, different renovation loan options are available.

What Are Some Popular Renovation Loan Programs?

Waymaker Mortgage offers several loan options available for financing your home remodeling project, including:

FHA 203(k) Standard and Limited Loans

With these loans, you can borrow up to 96.5% of the appraised value – based on the home’s value when the improvements or repairs are completed – to purchase (or refinance) a home and complete the work.

VA Renovation Loan

The program offers no money down financing that covers the current value of the property, plus the cost of remodeling and repairs. It is typically intended for minor home projects, with no minimum or maximum renovation cost requirement.

Conventional HomeStyle Renovation Loan

With a Homestyle Renovation mortgage, you can purchase a house, fix it up, or refinance your existing mortgage and receive funds to pay for the repairs, remodeling, renovations, or energy-efficient improvements.

USDA Renovation Loan

Great for borrowers in rural areas, this loan combines your home purchase and renovations into one mortgage, with up to 100% financing on the “As-Improved” value. This provides you with more options and allows you to purchase a home you love, even if it needs some work.

Why Consider a Renovation Loan?

Borrowing money to renovate your home with a project that will reduce your long-term costs or increase your property’s value could be a smart move. Some renovation projects can increase your property’s value by a greater amount than what you spend on renovations. Such remodeling projects, like attic insulation, basements, bathrooms, and kitchens, count as valuable repairs that could certainly improve the value of your home.


A renovation loan could also be the right choice if the project will save you money in the long run or make your home a safer place, like roof repairs, new siding, or updated windows to keep your home weatherproof and energy-efficient.

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Texas Mortgage Banker Disclosure – Figure: 7 TAC 81.200(c) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”


205 ILCS 635/2-9 Posting of license

The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state licensees without an Illinois office shall produce the license upon request. Licensees originating loans on the Internet shall post on their Internet website their license number and the address and telephone number of the Commissioner. The license shall state the full name and address of the licensee. The license shall not be transferable or assignable. A separate certificate shall be issued for posting in each full-service Illinois office.


Licensee shall post on their internet web site the address and telephone number of the IDFPR. James R. Thompson Center


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