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You’ve made the big decision to upgrade your living space or bathroom, but you haven’t settled on how you’re paying for your home renovation. It’s a timely undertaking to go through a home renovation, as well as a costly one. There are a number of options available to you to help finance your project. We’ll share some thoughts for you to consider, but ultimately the decision is yours.

Home Renovation Loan

This is a type of home equity loan that is a relatively new offering from lenders. This loans considers the future value of a your home post-renovation and use that to calculate the Combined Loan to Value (CLTV) ratio. Many homeowners enjoy this loan because they do not have to refinance their existing mortgage which allows them to maintain their low interest rates. It also means closing costs are lower because of the smaller loan amount.

Fannie Mae HomeStyle Loan

Fannie Mae loans are backed by the federal government and loan amounts are available as high as 75% of the home price, plus renovation costs. These funds can be used for any home renovation projects and require only one application and one payment of closing costs. HomeStyle Loans do require you to use a certified remodeler.

FHA 203(k) Loan

Borrowers who take advantage of this loan can use funds for a variety of renovation projects from a simple upgrade to entire renovation. Borrowers can ever use this funding to convert a single family home into a multi-unit property. This loan is a good option for borrowers who don’t have good credit scores.


Cash is always king. If you’ve planned ahead and saved well to finance your renovation without a loan you’re in a great position and don’t have to wait for bank approvals to start your project.

Diamond Hill Builders is the Seacoast’s leading home renovation company. We’ll work with you and your family to upgrade your kitchen, bathroom, or living spaces. Contact us for a free quote today. 

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