A new farmhouse-style home at dusk

Finance The Home And The Work

Found a fixer-upper in the perfect location? Want to refresh an older property?

Find a loan officer

Supreme Lending offers Renovation loan programs that combine a traditional purchase or refinance mortgage with a construction loan all in one—with a one-time closing and one set of closing costs—financing the upfront costs of large repairs and rehab projects.

On this page

FHA

FHA Standard 203(k)

  • 620Minimum credit score
  • $5,000Minimum renovation amount

Usually for larger improvements to modernize older properties that need structural repairs or major renovations.

Highlights

  • 620 minimum credit score
  • Maximum total renovation financing must meet FHA county loan limits
  • $5,000 minimum renovation amount
  • Renovations must begin within 30 days of closing and be completed within 6 months; weather-related extensions may be considered

FHA

FHA Limited 203(k)

  • 620Minimum credit score
  • Up to$35,000Financing for improvements

Typically smaller, non-structural home improvements to eliminate health and safety hazards.

Highlights

  • 620 minimum credit score
  • Up to $35,000 financing for improvements (including contractor’s cost and renovation fees)
  • No minimum renovation amount
  • Renovations must begin within 15 days of closing and be completed within 6 months

HomeStyle® Renovation

  • 620Minimum credit score
  • Up to75%Of the home value after improvements

For home improvements that are permanently affixed to the property and add value, including luxury items (high-end flooring, decks, fencing, a pool, etc.).

Program highlights

  • 620 minimum credit score
  • Maximum total renovation financing up to 75% of the home value after improvements (including contractor’s cost and renovation fees)
  • Renovations must be completed within 6 months; extensions considered up to 12 months

Eligible improvements

  • Cosmetic improvements: interiors, kitchens, baths, flooring, and remodeling
  • Energy conservation improvements
  • Structural alterations such as repair or replacement of structural damage, additions to structure and finished attics and/or basements
  • Eliminating health and safety hazards
  • Changes for improved functions and modernization
  • Repairing or adding roofing, gutters and downspouts
  • Landscaping, grading, repairing patios and terraces that improve the property; decks/fences
  • Rehabilitation or improvements to a detached garage, a new detached garage, or the addition of an attached unit(s) (if allowed by the local zoning ordinances)
  • Swimming pools

FHA · VA · Conventional

Repair Escrow Program

  • Up to$10,000Repair or completion costs for HUD REO properties with FHA
  • Up to$20,000Repair or completion costs for non-HUD REO properties

No problem with Supreme’s Escrow Repairs Program

Program highlights

  • FHA, VA, standard conventional programs only
  • All occupancy types
  • Purchase transaction
  • No manufactured homes
  • Non-HUD REO requires 150% of cost of repairs placed into escrow
  • Repair or completion costs will not exceed $10,000 for HUD REO properties with FHA
  • Repair or completion costs will not exceed $20,000 for non-HUD REO properties
  • Work must be completed within 15, 30, or 45 days from closing
  • Roof repair / replace eligible