Renovation Loan Options
Buy it, fix it, love it. Finance the purchase (or refinance) and the renovation costs in one loan. Parish Lending guides your scope, budget, and draw process from start to finish.
Check Your Renovation Options
Tell us about the property and your project scope. We’ll match you to the best renovation program and provide an estimate.
FHA 203(k) — Standard
- For major renovations: structural changes, room additions, foundation work
- HUD‑consultant required; detailed work write‑up
- Multiple draws with inspections
FHA 203(k) — Limited
- Non‑structural improvements up to program cap
- No HUD consultant required (usually)
- Fastest 203(k) path for kitchens, baths, flooring, roofs
Fannie Mae HomeStyle®
- Conventional renovation loan for primary, second home, or investment (1–4 units)
- Broadly flexible upgrades, including luxury items subject to guidelines
- One appraisal reflects after‑renovation value (ARV)
VA Renovation
- For eligible veterans buying or refinancing a primary residence
- Focus on repairs that improve safety, livability, and energy efficiency
- Contractor approval and inspections required
Common Eligible Improvements
- Kitchens & bathrooms, flooring, roof, HVAC, windows, siding
- Accessibility improvements and energy efficiency upgrades
- Decks, patios, minor landscaping tied to health/safety
Typical Exclusions
- Luxury items outside program rules (e.g., pools on some programs)
- Non‑permanent items or work not attached to the property
- DIY labor (licensed contractors are generally required)
How the Process Works
- 1. Pre‑Approval: We set budget and program fit
- 2. Scope & Bids: Define work; collect contractor estimates (and HUD consultant, if needed)
- 3. Appraisal: Based on after‑renovation value (ARV) when applicable
- 4. Close: Funds for improvements held in escrow
- 5. Draws & Inspections: Contractor gets paid as milestones are met
- 6. Final Sign‑Off: We close the escrow when the work is complete
Contractor Requirements
- Licensed and insured; provide W‑9 and references
- Detailed, line‑item bid matching the work write‑up
- Ability to accept draw payments and pass inspections
Documents You’ll Need
- Copy of your valid ID (Driver’s License, Passport, Green Card, etc)
- Paystubs covering the most recent 30‑day period with YTD totals
- 2 years W‑2s
- 2 years signed/filed Federal Tax Returns (all pages/schedules)
- 2 months most recent bank statements — all pages
- Renovation scope, contractor bid(s), and (if applicable) HUD‑consultant work write‑up
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Renovation Loan FAQs
How much can I finance for renovations?
Each program sets limits based on after‑renovation value and loan‑to‑value caps. We’ll price your project and show your max budget before you order bids.
Can I live in the home during renovations?
Often yes for non‑structural work; major projects may require temporary housing. We’ll advise based on your scope and timeline.
Do I have to use a specific contractor?
You can choose, but contractors must meet licensing/insurance and accept the draw process. We can share best‑practice tips for selecting the right team.
Ready to turn a fixer into a favorite?
We’ll help you compare 203(k), HomeStyle, and VA Renovation—and manage the details to keep your project on schedule.