What is a renovation loan and who is it for?
A renovation loan, such as the FHA 203k, finances the purchase or refinance of a home plus the cost of renovations in a single mortgage, designed for buyers and homeowners who want to consolidate the work into one loan and one payment. Mortgage Go originates renovation loans through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Buyers and homeowners who want to roll renovation costs into a single mortgage rather than carry a separate second loan.
Who it's not for
Buyers purchasing a turn-key home that needs no work — a standard purchase loan is simpler.
Benefits
- Combines purchase or refinance and renovation funds into one loan.
- Designed for primary residences.
- Supports projects from cosmetic updates to structural work (program-dependent).
- Single monthly payment after closing.
Key facts
- Loan purpose
- Purchase or refinance + renovation
- Occupancy
- Primary residence
- Minimum credit score
- Placeholder — pending compliance
- Scope rules
- Program-dependent — pending compliance
Calculator
Renovation Loan (203k) calculator embeds here in Phase 2.
Frequently asked questions
What is a 203k renovation loan?+
A 203k loan is an FHA-insured program that lets eligible buyers and homeowners finance the purchase or refinance of a home plus the cost of renovations in a single mortgage.
What kinds of renovations qualify?+
Eligible scope ranges from cosmetic updates to structural work, depending on the specific 203k variant. Specific eligible items are pending compliance sign-off.