Top 10 FHA 203k Loan and Homestyle Loan Renovation Ideas

10 Home Renovation Loan Solutions (Purchase or Refinance)

The FHA 203k loan and FNMA Homestyle loan renovation possibilities are virtually endless.  If you have been putting off that home renovation project you might want to consider moving forward soon while the rates are low.   Here are 10 home renovation ideas that can be funded with the FHA 203k or Homestyle loan (purchase or refinance).

1. Major Structural Repairs or Scrape & Build:  Renovation loans can be used to fix major structural repairs like foundation problems.  A renovation loan can also be used to completely scrape and build a new home.

2. Cosmetic Makeovers:  The cosmetic makeover is a popular use for renovation loans.  Most makeovers include fresh paint, new doors, new door hardware, updated light fixtures, refinished hardwood floors, kitchen updates, and bath updates, and taking care of deferred maintenance.

3. New Appliance Package:  Renovation loans can be used to update all your appliances.  For example, updating to all stainless steel appliances and converting electric stoves to gas stoves are popular trends.

4. Green Home Makeover: Energy conservation investments are becoming increasingly popular as energy prices rise.  Improvements may include, but not be limited to, low-e windows, energy efficient appliances and furnace, radiant heat, tank less water heaters, water efficient toilets and shower heads, full or partial solar systems, bamboo floors, non VOC paint, ceiling insulation, new exterior doors.

5. Curb Appeal Makeover:  Curb appeal makeovers make your home more appealing and more marketable; a new roof, new siding, new sidewalks and driveway, landscaping, new porch and many more ideas.

6. Peace of Mind Makeover – Deferred Maintenance:  Renovation loans can be used to take care of big ticket home expenses that customers have been putting off for years.  Updating major items while interest rates are low could give you peace of mind for years to come.  Major improvements may include; furnace, sewer line, water line, new plumbing, electrical, and roof, windows.

7. Increase Functionality – Dated Floor Plans:  Renovation loans are great for redesigning floor plans to increase functionality of your home. Common trends include main floor master, converting dining and formal living rooms into family rooms or multi-use rooms, expansive kitchens connected to family rooms, large showers and spa-like bathrooms instead of jetted tubs which rarely get used.

8. Outdoor Living Makeover:  Indoor/Outdoor living is a growing trend. There is a growing trend to use the conventional renovation loan to extend your indoor family room to the great outdoors with outdoor living rooms, dining, mini-kitchens, fireplace, and brick ovens.

9. Mother-In-Law Suite:  Multiple generational living is very common these days.  A renovation loan can be used to finish a basement, build an over-garage guest home, or add-on to the home to accommodate multi-generational living requirements.

10. ADA Accessibility:  The renovation loan can be used to make necessary improvements to make a home wheel chair accessible, lower counter tops, roll-in showers, build main floor master bedrooms and bath, to make homes more functional for handicap and an aging population.

There has never been a better time take advantage of low rates and the FHA 203k loan and FNMA Homestyle loan to make your dream home renovation your reality.


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