What's the difference between 203(k) and HomeStyle?

203(k) is FHA-backed (lower credit OK, 3.5% down). HomeStyle is Fannie Mae conventional (better rates, no MIP at 20% down).

Can I do the work myself?

Generally no - most rehab loan programs require licensed contractors.

How long does work need to finish?

Typically 6 months from closing, with extensions available for larger projects.

Are luxury items covered?

No - pools, outdoor kitchens, and luxury upgrades are excluded from FHA 203(k). HomeStyle is more flexible.

Loan option

Rehab Loan

A rehab loan (FHA 203(k) or Conventional HomeStyle) lets you wrap renovation costs into your mortgage - perfect for fixer-uppers and dated properties with great bones.

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What Rehab Loan actually is.

The right rehab loan can turn a tired listing into your dream home. Whether it's a 1980s kitchen, a leaking roof, or a full structural overhaul, a rehab mortgage finances the work in one closing.

Two main programs serve most borrowers: the FHA 203(k) for low-down-payment and flexible-credit scenarios, and the Fannie Mae HomeStyle for stronger credit profiles and luxury-friendly renovations.

A rehab file adds three moving parts to a normal purchase: a contractor bid, an after-repair appraisal, and a draw schedule. We map all three onto the closing timeline at the start, so the escrow releases line up with the work.

Illustrative sample figures for a template demonstration. Not a rate quote, not an offer to lend, and not live market data.

Who this fits

Buyers eyeing fixer-uppers in great neighborhoods
Homeowners who want to renovate their current home
Investors converting properties to primary residences
Anyone who needs structural or major system repairs

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What this program buys you.

One Loan, One Close: Combine purchase price and renovation budget into a single mortgage.
Low Down Payment: FHA 203(k) requires only 3.5% down on the total project cost.
Renovate To Your Taste: Kitchen, baths, additions, roof, HVAC - most improvements are eligible.
Use The After-Renovation Value: Loan is based on the home's post-renovation appraised value.

The process

Four moves from first call to keys.

Each step has one job and one owner. You always know which of the four the file is sitting in.

01Estimate ScopeA licensed contractor provides a renovation bid.
02ApplyWe underwrite based on contractor bid and after-repair value.
03Close & Begin WorkRenovation funds are held in escrow and released as work completes.
04Final InspectionFinal draw released after city inspection sign-off.

Questions this program raises.

If yours is not here, ask it. You will get an answer in writing from the officer who would work the file.

Other programs

Get this priced against your own file.

Tell us the scenario and we will come back with real figures for Rehab Loan, and for the programs you did not ask about, so you can see all of them at once.