Rehab Loan - Lendmire
Loan Program

Renovation loans for fixer-uppers.

Finance the purchase of a home and the cost of renovations with a single mortgage. FHA 203(k) and Conventional HomeStyle® programs let you fund repairs, remodels, or full-scale transformations — and start building equity from day one.

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The Fundamentals

One mortgage, two purposes.

A rehab loan — also called a renovation mortgage — lets you finance the purchase of a home and the cost of renovations in a single mortgage. Instead of paying cash for repairs or taking out a second loan after closing, the renovation budget is rolled into the mortgage itself and disbursed from escrow as work is completed.

Rehab loans are built for primary residences that need work — from dated kitchens and worn roofing to structural repairs and full additions. Lendmire offers both FHA 203(k) and Conventional HomeStyle® rehab programs. Each has different LTV limits, credit requirements, and renovation flexibility — and the right choice depends on your scope and scenario.

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Program Options

Three paths through rehab financing.

From cosmetic refreshes to full structural rebuilds, each program is built for a different scope of work.

Major Renovations

FHA 203(k) Standard

Structural work, major systems, additions. Up to 96.5% LTV on the lesser of purchase plus renovation costs or the as-completed appraised value. Primary residence only.

Cosmetic & Minor

FHA 203(k) Limited

Non-structural work up to $35,000 total renovation budget. Faster process, fewer contractor requirements. Built for kitchens, baths, flooring, and finish work.

Stronger Credit

Conventional HomeStyle®

Fannie Mae renovation program. Up to 97% LTV for first-time buyers, 95% for others. Broader renovation scope and PMI drops off once LTV reaches 78%.

All rehab loans subject to credit, income, and property underwriting approval. Licensed contractor bids required. FHA 203(k) Limited capped at $35,000 in renovation costs. Conventional HomeStyle® 97% LTV requires first-time buyer status. LTV limits vary by program and lender.
Why Lendmire

Rehab done without the friction.

Rehab loans are paperwork-dense. Contractor bids. Renovation budgets. Draw schedules. HUD consultant requirements for 203(k) Standard. As-completed appraisals. Escrow draw inspections. The work itself isn’t hard — but the coordination breaks most brokerages.

We walk the renovation plan with you from contractor selection through final draw. We know which wholesale lenders move 203(k) files quickly, which ones handle HomeStyle® cleanly, and where draw schedules tend to stall. From first bid through certificate of occupancy, we keep the loan moving and the construction on track.

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Program Highlights

One loan, two purposes.

One Loan
Purchase and renovation rolled into a single mortgage with one closing — no second loans, no HELOCs, no cash out of pocket for the work.
Escrow Disbursement
Renovation funds are held in escrow and released to contractors in draws as work is inspected and completed — built-in quality control.
As-Completed Value
LTV is calculated against the home’s value after renovation — not before. Qualify based on what the house will be, not what it is.
Day-One Equity
Buy undervalued, renovate smart, and own the appreciation from the first mortgage payment. Rehab loans turn fixer-uppers into instant equity.
Also Consider

Programs worth comparing.

If the home is move-in ready — or renovations can wait — these programs may fit better than rehab financing.

Move-In Ready

FHA Loan

Standard FHA for primary residences that don’t need major repairs. Same 3.5% down, same credit flexibility — without the contractor paperwork.

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Qualified Buyers

Conventional Loan

3% down options for buyers with stronger credit. Skip the rehab-loan complexity if the home is already in good shape.

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Already Own

Home Equity Line

Already own and want to renovate? HELOCs let you pull from existing equity to fund improvements without refinancing your primary mortgage.

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Learning Center

Know before you borrow.

Rehab loan guides, contractor coordination tips, and renovation budgeting strategies from our licensed loan officers.

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Take the Next Step

Tools to move from reading to action.

Tool One

Renovation calculator

Run the numbers on a rehab loan — including purchase price, renovation budget, principal, interest, taxes, and insurance.

Calculate Tool Two

Get pre-approved

Start your rehab loan pre-approval in under 30 seconds. A Lendmire specialist will follow up to finalize the details.

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Browse programs

See every loan program Lendmire offers — from rehab to conventional to DSCR — and find the right fit.

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Get Started

See if a rehab loan fits your project.

Review renovation financing options in about 30 seconds. No commitment required.

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