Renovation Loans

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Get home faster with a Mann Mortgage renovation loan.

You will love how easy and affordable it is to convert your home into your dream home, with the same down payment as other loans.

What are renovation loans?

A home renovation loan is a type of mortgage designed to finance either a purchase or renovation of a fixer-upper home. Unlike traditional mortgages, the renovation loan’s interest rate is based on the value of the home after renovation is complete. This allows homeowners to tap into their future equity to get the lowest interest rate possible. Renovation loans can also be used to refinance and renovate a home the borrower already owns.

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Mann Mortgage is proud to announce our “Dreams with Beams” program, which gives borrowers a better option for renovating the home of their dreams. When you utilize a MannMade Renovation Loan, you’ll gain access to our collaborative, cloud-based renovation loan software to manage the entire project from start to finish while simplifying communication between you, the builder, 3rd-party inspectors, and title companies. We manage your loan and the builder relationship in-house, and you’ll work with a dedicated account manager throughout the renovation process.

Not sure where to get started? That's okay too, we're happy to meet you where you're at and direct you to the right place or person.

Renovation loans at a glance.

  • Up to 100% financing for USDA and VA
  • Finance up to 100% of home value after work is complete for (USDA and VA loans)
  • Borrow up to 97% of your future home’s value (FHA)
  • Qualify with a lower credit score
  • In-house draw management by Mann employees
  • Home appraisal, inspection, and plan approval required

Applying for a home has

never been easier

Our quick and secure process takes less than 10 minutes to apply.

Learn more about

renovation loans

203K loans are guaranteed by the Federal Housing Administration (FHA) and are often used by families in low- to moderate-income brackets to purchase or refinance a primary residence in need of repair. The funds can be used for minimum repair work such as adding a new room or landscaping. It can also be used for repair that’s more extensive such as plumbing, kitchen remodeling, or accessibility improvements for people with disabilities. However, anything considered a luxury is not allowed. The FHA defines “luxury” items as things like tennis courts, swimming pools, hot tubs, and outdoor kitchens.

The main benefit of a 203K home renovation loan is the lower credit score (640), down payment (3.5% minimum), and debt-to-income ratio (50%) than our conventional HomeStyle loans allow. However, anyone with a 203K renovation loan will pay mortgage insurance premium (MIP). It’s 1.75% of the loan amount upfront then 0.8% spread out in monthly payments for the life of the loan.

HomeStyle loans are guaranteed through Fannie Mae and have a more restrictive credit score minimum (680), down payment (5%), and debt-to-income ratio (45%) than a 203K. However, they have much more relaxed restrictions on the types of renovations that can be done. Funds can be used to remodel a primary, secondary, or investment property. And they can be used to finance a wide range of renovation projects, from repairs and modifications to pools and outdoor kitchens. Borrowers can use the funds to restore an old home to its original glory or take a neglected house and make it their dream home.

Mortgage limits are capped depending on the area a home is located in. See the current conforming loan limits. There is no upfront MIP, but without 20% equity in the renovated home, a borrower will have to pay monthly MIP payments for a period (or until they reach 20% home equity).

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