Take a house you like and turn it into a home you love with a home renovation loan. Buy or refinance and customize, modernize, and update all with one loan. Get money for simple upgrades right up to major improvements. All with monthly payments that may be tax deductible1 and at rates typically below credit cards or personal loans.
A home renovation loan pays for remodeling to boost home enjoyment and potentially increase home value.
Our Home Renovation Loan professional stays with you throughout the journey, on call to answer your questions throughout the home loan process. Call 866-882-8187 or sign up to start now!
Planet Home Lending is an approved FHA 203k home renovation lender. Remodel with confidence. Our renovation department handles the payment process, which helps you manage your project from start to wow!
FHA 203k renovation loans are a great choice when you want to purchase or refinance and renovate:
Our Home 203k Certified Renovation Specialists stay with you throughout the journey, on call to answer your questions throughout the home loan process. Call 866-882-8187 or sign up to start now!
Pull up to $500,000 from your high-value home with a Jumbo cash out refinance for renovations. Treat yourself with an oversized gourmet kitchen, create sweeping outdoor entertainment spaces, or indulge in a master bedroom sanctuary.
Use a Jumbo loan when your loan amount exceeds the Fannie Mae/Freddie Mac (conforming) limits for your area. Our Jumbo refinance professional stays with you throughout the journey, on call to answer your questions throughout the home loan process.
Planet's home renovation mortgages deliver competitive pricing with concierge service:
Our Home Renovation Loan Professional stays with you throughout the journey, on call to answer your questions throughout the process. Call 866-882-8187 or sign up to start now!
Planet's home renovation mortgages deliver competitive pricing with concierge service:
Our Home Renovation Loan Professional stays with you throughout the journey, on call to answer your questions throughout the process. Call 866-882-8187 or sign up to start now!
They're usually slightly higher. Mortgage interest rates are based on risk. The more equity you take out of your home, the higher your interest rate may be.
Home renovation loan rates are also influenced by how long the loan is. The shorter your mortgage "term," the lower your interest rate. 15-year home renovation loan rates will usually be lower than 30-year 203k house renovation loan rates.
HELOCs (home equity lines of credit) are typically variable rates. That means the interest rate you pay and your monthly payment can rise. After the draw period, you have to pay not only the interest, but also repay the principal. That can lead to shockingly high monthly payments.
A fixed rate 203k refinance will have the same principal and interest payments during the whole loan term. They won't rise even if Federal Reserve raises rates.
Second mortgages usually have higher interest rates than 203k refinance home loans.
There is no official minimum credit score to get an FHA 203k. Instead, the Federal Housing Administration lets FHA-approved lenders, like Planet, consider all your credit history. That includes things like:
Even if there's a credit oops in your past, a 203k Certified Renovation Specialist may be able to work with you.
Call 866-882-8187 or sign up to start now!
No. There are far fewer FHA 203k loan lenders than regular FHA lenders because 203k lenders need specialists to supervise contractor payments and review renovation work plans.
A 203k streamline is for limited repairs that the average homeowner could manage on their own (so no structural repairs!). It's also called an FHA limited loan.
You can finance up to $35,000 (including fees) for renovations with a limited 203k. If you're spending more than $35,000 on renovations, go with a standard 203k home loan.
Not sure which 203k to use? Our 203k Certified Renovation Specialists can walk you through your options. Call 866-882-8187 or sign up to start now!
The extra requirements for a 203k mostly involve having Planet Home Lending review your remodeling plans and manage paying the contractors. Other than that, the rules for qualifying for a 203k renovation loan are just like the rules for regular FHA home loans.
1 Planet Home Lending does not provide tax advice. Please seek the advice of a qualified tax advisor to see how the rules for deducting mortgage interest apply to your specific situation.
2 Up to 6 months mortgage payments can be financed if the property is uninhabitable during renovation.
THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY. THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE US GOVERNMENT.
