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Renovate Your Dream Home

At OVM Financial we do our best to take the guesswork out of renovation financing. Our different loan programs can turn any house into your home. From small cosmetic updates to major projects such as room additions, foundations repairs or even putting in an inground pool, we have a renovation loan to help! While we don’t have Chip and Joanna, we have assembled the best renovation lending department in the industry to guide you through this financing option.

Renovation Loan Facts

Renovate a house into a home. Learn more about using a renovation loan.

Home Purchase and Renovations Rolled Into One

Home Purchase and Renovations Rolled Into One

Buyers combine purchase and renovation costs into one loan.

Available for Purchase and Refinance

Available for Purchase and Refinance

This loan option is available for purchase and refinance.

Gift Funds Allowed

Gift Funds Allowed

The buyer can use gifted funds with this loan option.

4 Types of Renovation Loans Available

4 Types of Renovation Loans Available

We offer FHA 203K Limited and Standard, FNMA Homestyle, and VA Renovation loans.

Renovation Loan Department

Renovation Loan Department

Our renovation loan department offers more than 20 years of in depth knowledge.

Trusted Advisors

Trusted Advisors

We can help you assemble a team of renovation professionals bring your vision to life.

FNMA HomeStyle Renovation

An easy and affordable option for financing home renovations.

The HomeStyle Renovation loan is a conventional mortgage that lets borrowers finance improvements, renovations or repairs to a home at the time of purchase, or as a refinance transaction.

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VA Renovation

Renovate your home with the benefits of VA lending!

If you are looking to purchase a home, or already own your home, and you want or need to make minor repairs or renovations, and you don’t have the cash on hand to finance those repairs, the VA Renovation Loan may be the perfect solution.

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FHA Renovation Loan

Choose the FHA 203K loan if your home needs repairs.

An FHA Renovation Loan (also known as an FHA 203K loan) is an excellent mortgage option for financing repairs, flipping a fixer-upper, or renovating your home. Think of this loan as an FHA loan with a renovation twist.

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Use our mortgage calculator to estimate your monthly payment.

Do you know how much house you can afford? Use our mortgage calculator to see your estimated monthly payments with different mortgage amounts, interest rates, and down payment amount.

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Apply online now with our easy QuickStart App or talk to a licensed
Mortgage Loan Officer to review which loan is the best option for you.

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Frequently Asked Questions

1. Can renovation loans only be used for single family homes?

It varies for each renovation loan type, but for an owner-occupied property you can do these loans on a property that has up to 4 units (FHA 203k).

2. Is a renovation one loan, or two separate loans?

A renovation loan purchase will include the purchase price of the home, plus the cost of the renovations and repairs, less the minimum down payment for the loan program and loan type. The seller is paid at closing, you’re handed the keys, and your contractor can begin the work.

On a renovation loan refinance, the loan includes the payoff of your current mortgage (no second liens) and the cost of the renovations and repairs, not to exceed the loan to value limits allowed by that loan program and loan type. Your current lender is paid at closing, and your contractor can begin the work.

3. What if the home is not habitable during the renovation?

The standard 203K and the FNMA HomeStyle allow for up to six mortgage payments to be included in the renovation funds to cover the period when the home may be uninhabitable during the renovation. The habitability of the home is determined by the 203K Consultant.

4. Is a borrower allowed to do the renovations or repairs?

While this may be allowed under FHA and FNMA guidelines, most lenders do not allow “self-help.” This ruling help to mitigate the risk associated with the loan.

You’re in the driver’s seat, we’re here to help.

Lending Redefined means you can get started on your schedule, in the way that works best for you.
Three great options for starting:

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