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Renovate

Refinance and renovate in one conventional loan.

HomeStyle Renovation refinance replaces your mortgage with a conventional loan sized on the home's after-repair value, funding the project through an escrow. No FHA mortgage insurance for life, no consultant, no repair cap.

Loan amountBalance plus repairs, on after-repair value
Renovation budgetUp to 75% of after-repair value
Minimum credit620
Mortgage insuranceNone at 80% or less
See if I qualifyCall (800) 511-3330
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is the HomeStyle renovation refinance right for you?

  • Owners with good credit planning a major renovation
  • Homeowners who want to avoid a HELOC at a variable rate
  • Owners of second homes or rentals that need work
  • Anyone adding square footage, a pool or high-end finishes
How it works

Three steps from here to closing.

Plans and bids

Licensed contractor, written scope and budget.

Appraisal on the after-repair value

The new loan pays off the current mortgage and funds the renovation escrow.

Close, then renovate

Draws with inspections; completion within 12 to 15 months.

What you'll need

Requirements at a glance.

  • Credit score of 620 or higher
  • Loan-to-value up to 97% of the after-repair value on a primary residence (lower for second homes and rentals)
  • Licensed contractor with a written bid
  • Renovation cost up to 75% of the after-repair value
  • Work completed within 12 to 15 months
Straight talk

The upside, and what to weigh.

Why people choose it

  • No mortgage insurance at 80% loan-to-value or less
  • Luxury and outdoor improvements allowed
  • One fixed-rate loan instead of a first plus a HELOC

Things to consider

  • No cash back beyond the renovation
  • Draw inspections and contractor approval add steps
Common questions

Asked on almost every first call.

HomeStyle refinance or a HELOC?

HomeStyle gives one fixed payment and borrows against the future value. A HELOC is faster and keeps your current first mortgage. We compare both.

Can I do work myself?

Up to 10% of the after-repair value on a primary residence.

Do I need a consultant?

No. Fannie Mae does not require one.