Borrower and property eligibility
The details and documentation depend on the chosen loan program and your application.
Mortgage education
Renovation Loans
Financing that may combine an eligible home purchase or refinance with improvements.
Talk With RustyWhat is it?
A clear starting point.
A renovation loan may finance the property and eligible improvements in one structured mortgage, subject to the selected program.
How does it work?
The loan is based on the property, planned improvements and approved documentation. Funds for eligible work are typically managed through a controlled process rather than paid directly as cash to the borrower.
Who might consider it?
Start with your situation.
This is general education, not a promise of eligibility. Your complete financial and property picture must be reviewed.
Buyers considering a home that needs work
Homeowners planning eligible improvements through a refinance
People willing to follow contractor, appraisal and draw requirements
Qualification considerations
What the review may include.
These are conversation points, not buttons. We will review each one as part of your complete mortgage plan.
Detailed scope, bids and contractor information
The details and documentation depend on the chosen loan program and your application.
Appraisal based on the program’s requirements
The details and documentation depend on the chosen loan program and your application.
Project timeline and draw administration
The details and documentation depend on the chosen loan program and your application.
Potential advantages
Why buyers may explore it.
- May combine financing and eligible improvements
- Can expand the range of homes a buyer considers
- Uses a structured plan for approved work
Potential limitations
What deserves a closer look.
- More documentation and coordination are usually required
- Not every repair, contractor or property is eligible
- Timelines and changes must follow program rules
Common mistakes
Plan before they become surprises.
A few early questions can prevent last-minute stress.
Underestimating project cost and time
Hiring a contractor before checking requirements
Expecting unrestricted cash for improvements
Frequently asked questions
Simple answers to common questions.
Can I do the work myself?+
Owner-performed work may be limited or unavailable depending on the program.
How are contractors paid?+
Approved funds are generally released through a managed draw process.
Does every improvement qualify?+
No. Eligible work depends on the selected renovation program.
Talk with a Loan Officer
Let’s see how this option fits your goals.
Bring your questions. I’ll help you understand the tradeoffs and next steps.