Loan programs

Renovation Loan Programs in Philadelphia

Five ways to buy or refinance a Philadelphia home and finance the renovation in the same loan.

Program	Best for	Repair budget	Down payment
FHA 203k Standard	Structural work, full guts	$5,000 minimum, no set maximum	3.5%
FHA 203k Limited	Non-structural updates	Up to $75,000	3.5%
HomeStyle	Stronger credit, bigger budgets, investors	Up to 75% of as-completed value	3%+
CHOICERenovation	Conventional, resilience upgrades	Up to 75% of as-completed value	3%+
VA Renovation	Eligible veterans	Per as-completed value and lender guidelines	0%

Major renovations, structural repairs, and full guts. Minimum $5,000 in repairs, as little as 3.5% down.

Non-structural updates up to $75,000: roofs, kitchens, baths, systems. Faster, lighter paperwork.

Conventional renovation loan up to the conforming limit. Cancelable mortgage insurance, second homes and investment property allowed.

Freddie Mac's renovation loan. Similar to HomeStyle, with a focus on resilience upgrades and flexible property types.

For eligible veterans and service members: buy and renovate with no down payment, based on the as-completed value.

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