Renovation Loan

What is a Renovation Loan?

A Renovation Loan is for those wanting to make repairs or upgrades to a newly purchased or currently owned home. This loan can help manage the high cost of home renovations, repairs, and remodeling with several flexible and affordable options to renovate your home dreams into reality.

It is just one loan, one closing, and one payment for both the mortgage to purchase or refinance the home and the funds needed for improvements.

Who can benefit from Renovation Loans?

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Homebuyers ready to take advantage of a low price on a home in need of repair or remodeling/updating

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Homebuyers hoping to expand or update a property to meet their needs

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Current Homeowners wanting to make improvements or upgrades to meet their family’s needs and increase their home’s value

What are my options?

On Q has loan programs to fit almost every repair or upgrade. From small repairs to repainting to larger upgrades like adding an additional room, we have options that’ll allow you to make your house into your dream home!

On Q’s FHA 203(k) Renovation Loan Program is great for when you’re ready to purchase a home that might need some TLC, or expand on your own home during a refinance.

Features of the FHA 203(k) Renovation Loan Program

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15 and 30 year fixed-rate options

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Down payments as low as 3.5%

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1-4 unit properties are eligible*

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FICO scores as low as 620

The Fannie Mae HomeStyle Renovation Program

On Q’s Fannie Mae HomeStyle Renovation Program is a great option to those looking to purchase that home that needs repairs or additions to become a dream home!

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15 and 30 year fixed-rate options

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Down payments as low as 3%** on a 1- unit primary residence

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Down payments as low as 10% on a second home

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Primary, Second Home, and Investment Properties Allowed

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Renovation Financing Can Total Up to 75% of the As-Completed Value of the property

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Purchase and rate-and-term refinance options available

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FICO scores as low as 620

Contact a local Mortgage Consultant today to see if you’re eligible for a Renovation Loan!

*Primary Residences only. Program not available in MA. Refinances not available in TX. Additional restrictions and requirements apply. **As long as 1 borrower is a first time homebuyer. Contact your Mortgage Consultant to learn more. On Q Financial, Inc. is an Equal Housing Lender, NMLS#5645.

Contact an On Q Mortgage Consultant to learn more about this unique home improvement loan product. Your perfect home could be as easy as a 203k loan with On Q Financial!

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