RENOVATION GENERAL CONTRACTORS

RENOVATION GENERAL CONTRACTORS

Highlights

Purchase & Remodel

✔ One Loan, Two Benefits – Buy a home and finance renovations in a single mortgage.
✔ Turn Potential Into Reality – Buyers can customize and upgrade a home to fit their style.

Refinance & Remodel

✔ Easier Upgrades – Homeowners can roll renovation costs into their existing mortgage.
✔ No Extra Refinancing – No need to requalify or refinance after renovations are complete.
✔ One Closing, One Fee – Simplified process with one set of closing costs.
✔ Energy-Efficient Upgrades – Eligible improvements included.
✔ Structured Payouts – General contractors are paid as milestones are reached.

Renovation Loan Options

🏡 FHA 203k – Available for primary residences only (Streamline & Full).
🏡 FNMA HomeStyle Renovation Loan® – For primary, secondary, and investment properties.

Upgrade, remodel, and invest in your home’s future—all with a simple and streamlined loan process. Let’s bring your vision to life!

Renovation General Contractor Approval Requirements

✔ Experience – Minimum 5 years in relevant construction work.
✔ Reputation – Must have verified trade references.
✔ Credit Score – Minimum 660 required.
✔ Insurance – Must carry commercial general liability coverage.
✔ Licensing – Provide copies of all state-required licenses.
✔ Transparent Bids – All contractor bids must be “Fixed Cost”, clearly outlining labor and material expenses.
✔ Restrictions –

      • No “Contractor Allowances” permitted in bids.
      • Borrowers cannot act as a sub-contractor on their own renovation.
      • “Self-help” programs where borrowers serve as general contractors are not allowed.

We work with qualified, experienced contractors to ensure a smooth renovation process. Let’s build something great together!

Download a renovation contractor application

Highlights

  • Purchase and remodel:
    • Allows the home buyer to purchase a property and roll the costs of certain home improvements directly into the mortgage loan
    • One loan purchases the home and renovates the house
    • Borrower can buy a house with potential and turn it into their dream home to fit their style
  • Refinance to remodel
    • Allows the home owner to roll the costs of certain home improvements directly into the mortgage loan
  • No requalification or refinancing required upon completion of renovation
  • One closing/one set of closing fees
  • Energy efficient improvements are eligible
  • General contractor is paid preset milestones are reached
  • Renovation Programs Available:
    • FHA 203k (Streamline/Full) for primary residence only
    • FNMA HomeStyle Renovation Loan® for primary, secondary and investment properties

Renovation General Contractor Approval Requirements

  • Minimum of 5 years of relevant experience
  • Acceptable track record with trade references
  • 660 minimum credit score
  • Commercial insurance policy or policies indicating an acceptable level of general liability coverage
  • Copy of any and all license in the state which business is being conducted
  • All contractor bids must be submitted as “Fixed Cost” to clearly identify all labor and material costs
  • “Contractor Allowances” are not permitted on bids
  • “Self-help” programs in which the borrower acts as the general contractor is not permitted
  • Borrowers may not act as a sub-contractor to the general contractor
Download a renovation contractor application