What does your ideal home look like? Are you dreaming of updating your current space with luxurious finishes or installing durable countertops? Perhaps you envision a gourmet kitchen or a spa-like bathroom? At Reliance Mortgage, Inc., we can help turn these dreams into reality with renovation loans that offer an attractive alternative to using credit cards.

Whether you’re purchasing a fixer-upper or looking to enhance your existing home, renovation loans provide a flexible financing option to support your vision. One popular choice is the FHA 203(k) loan, an FHA-backed program designed to help you refinance your home with additional funds for repairs, updates, or renovations. This loan comes in two types, catering to different needs.

The Limited 203(k) renovation loan is ideal for straightforward improvements and repairs where detailed plans, consultants, or architects aren’t necessary. It allows for a maximum of $35,000 in repairs with no minimum repair requirement, making it a great option for simpler updates.

For more extensive projects, the Standard 203(k) renovation loan supports major renovations and improvements that often require detailed plans and professional input. Unlike the Limited 203(k), there is no maximum repair amount, though a minimum of $5,000 in repairs is required.