Home Renovation

Preferred Rate has a full suite of renovation lending programs to fit renovation projects large and small, including FHA 203(k), Freddie Mac CHOICERenovation.

These programs allow buyers to purchase or refinance a home in need of repairs or renovation and roll the cost of improvements into the mortgage.

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Product highlights

FHA 203(k) and Freddie Mac CHOICERenovation® programs available
Up to 96.5% LTV for FHA 203(k) (program dependent)
Eligible for 1–4 unit owner-occupied properties
New construction or never-finished homes not eligible

Borrower advantages

If a borrower has found the location of their dreams, but not the home Preferred Rate can help
Not just for new home purchases! Clients can stay in their homes and make those additions or improvements they’ve dreamed of a reality
Manufactured homes allowed

Realtor advantages

Expands the inventory available to buyers
Focuses on location, not condition
Make clients for life by helping buyers create the home of their dreams in their desired neighborhood

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for you?

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Frequently asked questions

With short and easy to understand answers.

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What is a renovation loan?
A renovation loan lets you buy or refinance a home and finance improvements into one mortgage.
What kinds of projects are allowed?
From cosmetic updates to major repairs — it depends on the program. We’ll guide you through what’s allowed.
Is this good for fixer-uppers?
Absolutely. It can be a smart way to turn “almost perfect” into exactly what you want.