Whether buying a fixer-upper, upgrading your current home, or renovating an investment property, financing doesn’t have to stand in the way. At Peoples Mortgage Company, we offer various renovation loan options to help turn your plans into reality, without overextending your budget.
Financing Options to Help You Renovate Your Home
Whether you're updating your current space or planning to fix up a home you just purchased, there are flexible financing options available to help bring your renovation plans to life:
203(k) FHA Loan
The 203k FHA loan allows you to combine the cost of renovations with your FHA mortgage. It’s beneficial if you're buying a home that needs repairs or if you want to refinance and update your current home. With a single loan, you can simplify the process and move forward with your plans more quickly.
Fannie Mae Homestyle® and Freddie Mac Choice Renovation® Loans
These conventional programs also allow you to roll renovation costs into your mortgage. They’re a good fit for borrowers with strong credit who want to finance upgrades like remodeling kitchens, adding rooms, or replacing outdated systems, all as part of one mortgage.
VA Renovation Loan
For eligible veterans and service members, this loan allows them to purchase or refinance a home while financing improvements in a single transaction. It’s an efficient way to make needed repairs or customizations without the complexity of multiple loans.
Cash-Out Refinance, Standalone Second Mortgage, or HELOC
If you’ve built equity in your home, you may be able to use that value to fund your renovations. A cash-out refinance replaces your existing mortgage with a larger one and gives you the difference in cash. A second mortgage provides a lump sum separate from your original loan, while a HELOC allows you to borrow funds as needed, much like a credit card, making it a flexible option for ongoing projects. With a second mortgage or HELOC, you can keep the low interest rate on your existing first mortgage.
Making Your Home More Marketable to Buyers
If you're getting ready to sell but prefer not to take on repairs yourself, a renovation loan could help buyers see the value in your home and make it easier for them to envision the possibilities. These programs allow buyers to roll the cost of improvements into their purchase loan, allowing them to personalize the home after closing.
Instead of walking away from a home that needs updates, buyers can move forward with confidence knowing they have the funds to make the changes they want. This can open the door to more offers and help your home stand out in a competitive market.
Fix & Flip Loans for Real Estate Investors
If you are an investor looking to purchase and renovate a non-owner-occupied property, our Fix & Flip program can provide the capital you need to move quickly and stay competitive.
Program Details:
This program supports short-term projects with strong potential. Whether flipping your first property or expanding your portfolio, this flexible option offers speed and structure.
Explore Your Options with Peoples Mortgage Company
Every renovation project is different, and the right financing can make all the difference. Our experienced team can help you find the best loan program to match your goals and timeline, whether buying, selling, or investing.
Call today to learn more, check eligibility, and get personalized guidance on your next steps.
All loans are subject to underwriting by a Peoples Mortgage Company Underwriter. The Fix & Flip program is a brokered product and is not underwritten by Peoples Mortgage Company.
