We are Making it Easier to Finance Your Home

HomePath Renovation Mortgage

  • Provides up to 95% financing for the purchase and light to moderate renovation of a Fannie Mae-owned property
  • Single loan for purchase and renovation funds
  • Renovation funds limited to the lesser of 35% of the “as-completed” appraised value or $35,000
  • Borrower must make payments during the renovation period (cannot escrow payments that come due during the renovation)
  • Mortgage insurance (MI) not required for LTVs over 80%   


  • Provides an option for borrowers to make renovations, repairs, or improvements totaling up to 50% of the as-completed value of the property with a first mortgage
  • Funds can be used for repairs and renovations that are permanently affixed and add value to the property
  • Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies

FHA 203k

  • FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it.
  • The maximum amount you can receive is the lesser of the as-is value of the property plus repair cost, or 110% of the estimated value of the property once you do the repairs.
  • The loan will include money to buy or refinance the home plus the money to complete repairs
  • Often the loan will also include up to 20 percent contingency reserve so that you have funds to complete the remodel in the event the repairs cost more than expected and/or a provision that gives you up to 6 months of mortgage payments so you can live elsewhere while the remodel is taking place, but still pay the mortgage payments on the new home
  • Qualified repairs include structural repairs such as a new roof, room addition, decks, patios, bathroom remodels, kitchen remodels, flooring, plumbing, new siding, and heating and air conditioning systems.
  • The program will NOT cover “luxury” improvements

FHA 203k Streamline

  • Permits homebuyers to finance up to an additional $35,000 for repairs into their mortgage to purchase/refinance and improve or upgrade the home before move-in
  • Approved repairs or replacements include roofs, gutters and downspouts, existing HVAC systems, upgrade of plumbing and electrical systems, repair of existing flooring
  • Minor remodeling such as kitchens, which does not involve structural repairs, exterior and interior painting, weatherization: including storm windows and doors, insulation, weather stripping, etc.
  • Appliances including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves, improvements for accessibility for persons with disabilities, lead based paint stabilization or abatement of lead based paint hazards,
  • Repairs such as replacement or the addition of exterior decks, patios and porches, basement remodeling which does not involve structural repairs, basement waterproofing, window and door replacement and exterior siding replacement, well or septic system repair or replacement.