Renovation Loans are known by many names, including the FHA 203(k), HomeStyle, Jumbo Renovation, and our Design Plus loan. Whatever you call it, a Renovation Loan is designed to allow borrowers to purchase a home that needs repair, with a loan amount based on what the home will be worth once the renovation is complete. This is a great option for individuals considering the purchase of a foreclosure or an inexpensive home in need of renovation. It is also appropriate for current homeowners who wish to remodel.

Renovation Loan Facts:

  • Since the mortgage and construction loans are combined, loan closing costs are reduced compared to traditional lines of credit
  • Some Renovation Loans are backed by the Federal Housing Administration, which allows a borrower to obtain up to 110% of the home’s expected value with a low down payment and lower monthly payments than other options. Borrowers with lower credit scores may qualify for this type of Renovation Loan
  • Some Renovation Loans allow borrowers to make luxury improvements, such as adding a swimming pool
  • Some Renovation Loans are available for investors, while others require the home to be the borrower’s residence

If you are interested in applying for a Renovation Loan, contact us at 314-878-7900. One of our loan officers will be happy to meet with you and guide you through every step of the process. We will also help you determine which type of Renovation Loan is right for you, based upon your credit and your needs.

First Integrity Mortgage Services is located in St. Louis, Missouri. We are a premier provider of Mortgages and Home Loans in Missouri (MO) and Illinois (IL). We work on behalf of our customers to help them qualify for the home loan they deserve!

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