A renovation loan from United Home Loan Services, Inc. can help you turn a place with potential into the home of your dreams. We offer several renovation loans created to cover the property, plus minor or major repairs. These are a few of our construction loan products.

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FHA 203(k) Standard & Limited

  • Minimum 620 credit score on all FHA loans
  • Minimum renovation amount of $5,000 required, no maximum amount
  • 203k self-help and contractors related to the borrower are not allowed
  • Manufactured and on-frame modular homes are not allowed
  • 203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as you leave part of the existing foundation intact
  • 203k Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work

HomeStyle® Renovation Mortgage

  • Include renovation costs in one loan to purchase or refinance
  • No minimum renovation cost required
  • Maximum renovation cost is 50% of the “as completed” appraised value of the property
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Freddie Mac CHOICERenovation Loan

This renovation loan can be a great option for borrowers looking to use loan proceeds for renovations. The CHOICERenovation loan is for:

  • Borrowers looking for convenience and cost savings by financing their home purchase and renovation costs in a single-closing transaction
  • Homeowners who need financing to make home improvements or repairs to their existing properties or a home they intend to purchase

Program Details:

  • One borrower must be a first-time borrower
  • The existing mortgage must be a Freddie Mac loan for refinance
  • Owner-occupied 1-4 unit residences, planned unit development, and condos are applicable
  • Can use for luxury renovations like pools or outdoor living area
Fannie Mae homestyle

Fannie Mae® HomeStyle®

Fannie Mae® HomeStyle® program allows you to purchase or refinance a home and bundle renovations, repairs, and even upgrades in the same loan. And when combined with Fannie Mae HomeReady®, HomeStyle offers even more flexibility and affordability.

Program Details:

  • As low as 3% down payment
  • Financing on owner-occupied single-family residences, 2-4 unit properties, condos, homes in planned unit developments, or single-unit second homes and investment properties

Using the HomeStyle program, you can finance:

  • Improvements to an outdated home
  • Corrections to deferred maintenance
  • Building an addition
  • Modernizing the floor plan
  • Upgrades to electrical, plumbing, roofing, or energy efficiency
  • Adding a granny flat, also known as an Accessory Dwelling Unit (ADU)
  • Remodeling bathrooms or the kitchen
  • Adding a swimming pool
  • Building a garage
  • And more!
USDA Renovation

USDA Renovation Loan

With the USDA Renovation loan program, you may be able to purchase a home in a USDA-eligible rural area with as little as zero down payment.

Plus, since it’s a program designed to assist with renovations, you can bundle the cost of repairs or upgrades into the same loan. This gives you a simple and lower-cost way to make the changes that will turn a house into your home.

Program Details

  • Help with purchasing your primary residence, in a USDA-eligible area
  • As little as zero down payment for USDA income-qualified buyers
  • Closing costs and some other fees may be included in the loan - restrictions apply

items you may be able to use renovation funds for:

  • Upgrading the kitchen and bathrooms
  • Repairing an existing Accessory Dwelling Unit (often called a “granny flat”)
  • Removing/repairing health and safety hazards
  • Installing energy-efficient features, like appliances, windows, and more
  • Creating accessible amenities to accommodate disabilities

VA Renovation Loan

For active and retired service members, there’s an innovative renovation loan program that’s like having two loans in one.

The program is available to purchase a home or refinance your current loan. Borrowers can take up to $50,000 in additional finances to use toward remodeling, renovations, or repairs.

Our VA Renovation Loan Program Offers Qualified Veterans:

  • Up to $50K toward remodeling and improvements
  • No down payment requirement
  • The opportunity to make repairs, update the bathrooms or kitchen, and even add a pool or outdoor living space
picture of a two person

HomeStyle® for Investors

This investment-specific loan covers single-unit properties with all renovation work allowed, including luxury additions.

Borrowers must make a minimum down payment of 15%. Investment property purchases go up to 85% loan-to-value with an optimal FICO credit score of 620 or above.