Find a purchase and renovate loan
When you’re thinking about buying a fixer-upper or a home in need of significant repairs, a loan that allows you to combine the purchase and renovation cost may be the right mortgage product for you. With a purchase and renovate loan, you not only get money for the purchase price of the property but funds to cover cost of repairs and renovations as well.
The benefits of purchase and renovate loan programs include:
- Taking a single loan to cover renovation as well as purchase or refinancing, helping to simplify your debt payments
- Low mortgage rates and low down payment requirements for qualified borrowers
- The opportunity to quickly build equity in your home by purchasing a property below market value and repairing or remodeling it to raise its worth
At eLEND, our knowledgeable Mortgage Loan Originators can help you with a mortgage comparison to determine if a loan to both purchase and renovate is the right program for you. As a leading provider of mortgages and loans online, we’re dedicated to providing affordable home financing options to both first-time buyers and existing homeowners. Our mortgage specialists are experts at understanding your financial goals and connecting you with the mortgage programs that best help you achieve them.
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Your eLEND mortgage specialist can help you find the right program, comparing 15-year mortgage rates and 30-year mortgage rates to determine which program is best for you. Purchase and renovate loan programs at eLEND include:
- FHA Standard 203(k) Rehabilitation Loans, for homes where the cost of repair and renovation will exceed $35,000
- FHA Limited 203(k) Rehabilitation Loans for homes needing minor repairs at a cost of less than $35,000
- FHA Repair Escrow 203(b) for buying a property directly from HUD that requires cosmetic repairs totaling less than $35,000
- FHA One-Time Close (OTC) for financing the construction, lot purchase, and permanent loan for new manufactured, stick-built properties, and modular homes
- Fannie Mae HomeStyle® Renovation Loans, offering a conventional renovation mortgage loan with competitive rates
You may also use one of our renovation loan options to refinance your existing mortgage and cover the cost of needed repairs to your current property.
What can you do with a purchase and renovate loan?
Depending on the loan program, you may spend your renovation loan on improvements that include:
- Remodeling kitchens and baths
- Upgrading central air/heat, plumbing, and electrical systems
- Adding or replacing porches decks, patios and terraces
- Installing or repairing driveways, walkways, fences and retaining walls
- Repairing or replacing wells and septic systems
- Repairing damage from termites or moisture
Learn more about a purchase and renovate loan from eLEND, and find a house loan calculator and other helpful tools in our mortgage education center.