Loan Programs · Construction, renovation, and bridge

Buy the house, fix it up, one loan

Some of the best homes in South Florida need work: an older roof, a dated kitchen, or hurricane upgrades. A renovation loan lets you finance the purchase or refinance and the improvements together. We help you pick the right program and keep the project on track.

Renovation Loans explained

A renovation loan includes the cost of repairs or improvements in your mortgage, based on the home's expected value after the work is done. FHA 203(k) loans are government-insured and come in a limited version for smaller projects and a standard version for larger ones. Fannie Mae HomeStyle Renovation and Freddie Mac CHOICERenovation are conventional options that can be used for primary homes, second homes and some investment properties. Freddie Mac's CHOICERenovation also allows for resilience upgrades against disasters, such as storm-resistant improvements. All loans are subject to credit approval and program guidelines.

Who it fits

  • Buyers of older homes that need updates or repairs
  • Owners who want to renovate without a separate loan
  • Buyers adding impact windows, a new roof or other wind mitigation
  • Buyers who found the right location but not the right condition
  • Owners making accessibility improvements

Florida specifics

  • Many South Florida homes built before modern code updates need roof replacements or wind mitigation to get affordable insurance. A renovation loan can fund that work.
  • Insurers often ask about roof age. Replacing the roof as part of the purchase can open up more insurance options.
  • Florida's Building Code and local permits apply to the work, and the lender will want permitted, inspected improvements.
  • Condo renovation projects are limited, since most structural and exterior work belongs to the association.

How it works with Justin

  1. We review your finances and the home, and help you choose between FHA 203(k), HomeStyle and CHOICERenovation.
  2. Your contractor prepares a detailed bid, and for larger FHA projects, a 203(k) consultant reviews the scope.
  3. The appraiser estimates the home's value after the renovation.
  4. At closing, the renovation funds go into an escrow account.
  5. The contractor is paid in draws as work is completed and inspected.

Documents to gather

  • Purchase contract or current mortgage statement
  • Licensed contractor bids with detailed scope and cost
  • Contractor license and insurance
  • Your income, asset and credit documentation
  • Permits when work begins

Things to consider

  • Renovation loans take longer to close than standard loans because of bids, consultant reviews and appraisals.
  • Lenders usually require a contingency reserve in case costs run over.
  • Do-it-yourself work is limited or not allowed on most programs.
  • Your contractor has to be willing to work with draw schedules and inspections.

Share a few details and Justin will tell you whether Renovation fits, with real numbers for your loan.

Renovation Loans: common questions

What is an FHA 203(k) loan?

It is an FHA-insured mortgage that combines the purchase or refinance of a home with the cost of repairs. The limited version covers smaller, non-structural projects, and the standard version covers larger work with a HUD consultant.

Can I use a renovation loan for a new roof or impact windows?

Yes. Roof replacement, impact windows and doors, and other hurricane hardening are common renovation loan projects in Florida. These upgrades can also help with insurance.

What is the difference between 203(k) and HomeStyle?

FHA 203(k) is government-insured and has more flexible credit guidelines, but it is for primary residences. Fannie Mae HomeStyle is conventional, can be used for second homes and some investment properties, and its mortgage insurance can be removed later.

Can I do the work myself?

Most renovation programs require a licensed contractor. Some allow limited owner work in specific cases with lender approval.

How long does a renovation loan take to close?

Usually longer than a standard purchase, because contractor bids, reviews and an after-improvement appraisal are needed. We set a realistic timeline in your contract.

Related loan programs

  • FHA Loans — FHA home loans in South Florida: low down payment, flexible credit, FHA condo approval and Palm Beach, Broward and Miami-Dade loan limits explained.
  • Conventional Loans — Conventional home loans for South Florida buyers and owners: 2026 conforming limits for Palm Beach, Broward and Miami-Dade, down payment and PMI basics.
  • Construction Loans — Home construction loans in South Florida: one-time close and construction-to-perm options, builder approval, draws and Florida Building Code planning.
  • Cash-Out Refinance — Turn South Florida home equity into cash with a cash-out refinance. Compare it with a HELOC, see Florida closing costs and plan for the long term.

South Florida areas where it fits

Guides on this topic

See all 21 loan programs, mortgage loans in Florida, or every state where Justin lends.

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