262-691-6100
info@commonwealthmg.com
Apply Now
Secure Doc Upload

Search

Commonwealth Mortgage Group Logo

Renovation Loans

What are Renovation Loans?

A Renovation loan it’s possible to purchase a property and include the cost of repairs and improvements in the loan — making it easier than ever before to purchase a fixer-upper or renovate your current home.

Renovation Loan Advantages:

  • A lower cost: Since you are taking out one first mortgage for the home and renovation, your interest rate is usually going to be lower and you are usually going to have a longer period of time to repay the loan. 
     
  • A larger tax deduction: Since you are taking out only one first mortgage, the interest, including the cost for renovation, will be tax deductible.
  • Flexible Credit Requirements.

Renovation Loan Options:

  • FHA 203(K) – 3.5% down payment required
  • Conventional – 3% down payment required
  • USDA and VA –  0% down payment required

Check to see if you qualify for a Renovation Loan:

Get a Quick Quote!