Construction & Renovation Loans
Comprehensive financing for buyers looking to purchase a fixer-upper or homeowners wanting to transform their current property. Cover both purchase price and renovation costs in one loan.
Home Remodelers, Fixer-Upper Buyers & Builders
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Program at a Glance
- Down Payment
- Varies by program (often 5%+)
- Credit Score
- Often 620+ (varies)
- Occupancy
- Primary, 2nd home, investment
- Term
- Construction → permanent
- Property Type
- 1–4 unit + rehab
Key Program Highlights & Advantages
Includes purchase/refinance + renovation funding in 1 loan
Based on the estimated future 'As-Completed' home value
Draw schedule for contractors as milestones are reached
Options for minor cosmetic updates to major structural additions
Homestyle & Choice Renovation conventional programs
General Qualification Standards
Compare Similar Programs
| Program | Down Payment | Credit Score | Occupancy | Term |
|---|---|---|---|---|
| Construction & Renovation Loans | Varies by program (often 5%+) | Often 620+ (varies) | Primary, 2nd home, investment | Construction → permanent |
| FHA 203(k) Rehabilitation Loans | 3.5% down (as-completed value) | 580+ for 3.5% down (lender overlays may apply) | Primary residence only | 15 & 30 yr fixed |
| OTC (One-Time Close) Construction | Varies by backing; VA OTC 0% for eligible veterans | Often 620+ (varies by backing) | Primary (FHA/VA); flexible (conventional) | Construction → permanent, one closing |
Figures shown are typical ranges and vary by lender, program, and borrower profile.
Rates, terms, and program availability are subject to change without notice and depend on borrower qualification and underwriting approval. This is not a commitment to lend. Contact Oakley Pike for current program guidelines.
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