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Purchase

Buy it, fix it, finance both — in one loan.

A rehab or renovation loan rolls the home purchase price and the cost of qualifying improvements into a single mortgage. One closing. One payment. One loan.

Start your purchase quoteCall (704) 800-4719

Best for

Buyers who find a great property that needs work, investors purchasing a fixer to occupy or hold, and homeowners who want to roll major renovations into a single new mortgage.

How it works

The lender appraises the home both as-is and as-improved. The loan amount is sized to support both the purchase and the qualifying scope of work, with funds released as the project hits milestones.

Highlights

What you should know

FHA 203(k)

Government-backed renovation loan with both standard and limited variants for different project sizes.

Conventional renovation

Fannie Mae HomeStyle® and Freddie Mac CHOICERenovation® options for qualifying buyers.

One closing

Combine purchase + renovation in a single mortgage instead of separate financing.

FAQ

Frequently asked questions

What is a rehab loan?
A rehab or renovation loan rolls the home purchase price and the cost of qualifying improvements into a single mortgage with one closing. The lender bases the loan on the home's as-improved value, and funds for the work are released as the project hits milestones.
What is the difference between FHA 203(k) and HomeStyle?
FHA 203(k) is a government-backed renovation loan with two variants — Standard (for major work) and Limited (for smaller projects up to a set cap). HomeStyle is Fannie Mae's conventional renovation product with broader eligibility but typically stricter credit and down-payment requirements. We'll match you to the right one based on your scope and credit profile.
Can I include the cost of renovations in my mortgage?
Yes — that's exactly what a rehab loan does. The loan is sized to support both the purchase price and the qualifying scope of work, with funds for renovations held in escrow and released as work is completed and inspected.
How does a rehab loan disburse funds for the renovation?
Funds for the renovation are held in an escrow account at closing and released to your contractor in draws as work is completed. Each draw typically requires an inspection or contractor invoice. The loan funds the purchase upfront and the renovations over time.
Can I do the renovation work myself?
Most rehab loan programs require licensed contractors for the work, and the scope must be documented and approved. Self-help labor is allowed on a limited basis under FHA 203(k) Limited in some cases, but expectations are strict. We can walk you through what's allowed.
What credit score do I need for a rehab loan?
FHA 203(k) typically allows credit scores starting around 580 with 3.5% down. Conventional renovation loans (HomeStyle, CHOICERenovation) usually want 620+ with 5% down. We'll match you to the program that fits your credit.
How long does a rehab loan take to close?
Closing times vary because the renovation scope must be reviewed and contractors approved. Plan for 45–60 days from contract to closing in most cases, with the renovation work itself extending out for weeks or months after closing.

Talk it through with our team.

Five minutes on the phone, or a few questions online. No pressure, no credit pull required.

Start your purchase quote Call (704) 800-4719