Renovation Loans

Fix up your fixer-upper home with a renovation loan. If you have found the perfect home but it needs renovation, you can purchase the home and roll the cost of the renovation into your loan.


Buying a fixer-upper home can be both financially smart and fun. You get to fix the house up how you want and increase its value all at the same time. Most fixer-uppers won’t pass an appraisal though, so unless you have the cash to buy the property outright, finding financing could be difficult unless you apply for a renovation loan. This loan program provides financing to buy fixer-uppers and to fix them up all in one loan. It’s a great loan program that helps people buy homes they want and make them look the way they want without breaking the bank.


FHA 203(K)
Limited: Ideally suited for smaller projects with a total cost of less than $35,000 without structural renovations.
Standard: Ideal if the total project cost is over $35,000 or structural repairs are in your renovation plans.
Low down payment of 3.5% of the total acquisition cost for single-family or multi-family homes up to four units.

Down payments start as low as 3% of the total acquisition cost—perfect for renovation projects big and small. Follows conventional guidelines.

Eligible veterans can qualify for 100% financing to purchase and renovate a home. Tailored for cosmetic renovation projects with a total cost of under $50,000 without structural repairs.

USDA renovation loans are 100% financed loans backed by the U.S. Department of Agriculture. They enable eligible, qualified borrowers to purchase a fixer-upper and renovate it with no money down. Assistance to low- and moderate-income rural residents whose income is equal to or less than 115% of the area’s median income.

View our complete guide

My City Mortgage strives to provide applicants with a smooth, transparent loan process.

We spend time with our clients upfront so we can place them in the most suitable, affordable loan program possible. Our prequalification step includes a detailed review of an applicant’s future monthly payment as well as the total amount of money that will be needed at closing. Our goal is to avoid any confusion or frustration that might come along with the home-buying process!

Our clients value our insight and extensive experience. Through careful consideration of household needs, finances, and history, we help you understand the loan process from beginning to end. Our team of professionals can help review and explain mortgage options that are right for you with our efficient, technology-driven process.