Mortgage Approval Group
Renovation Loans in Tampa & Throughout Florida
Renovation loans may allow eligible borrowers to finance home improvements as part of a purchase or refinance transaction. Mortgage Approval Group helps homebuyers and homeowners throughout Tampa Bay and Florida explore renovation mortgage options.
What Is a Renovation Loan?
A renovation loan is a mortgage that combines the financing for a home purchase or refinance with funds for eligible home improvements into a single loan. Rather than taking out a separate loan for renovations, eligible borrowers may be able to roll the cost of improvements into their mortgage.
Several renovation loan programs are available, including FHA 203(k) loans, Fannie Mae HomeStyle Renovation loans and Freddie Mac CHOICERenovation loans where available. Each program has its own eligibility requirements, eligible improvement types and process requirements.
Renovation loans typically use an after-improved value appraisal — meaning the loan is based on the estimated value of the property after the renovations are complete, rather than the current as-is value. This can allow borrowers to finance improvements that increase the property's value.
Renovation loans may be used for purchase transactions (buying a home that needs work) or refinance transactions (improving a home you already own). Eligible improvements and contractor requirements vary by program.
Who May Benefit from a Renovation Loan?
Key Features & Benefits
General Qualification Considerations
Renovation loan qualification considers standard mortgage qualification factors (credit score, income, debt-to-income ratio) as well as renovation-specific requirements. Contractor requirements vary by program — some programs require licensed and approved contractors.
The renovation scope, cost estimates and contractor information are typically reviewed as part of the loan process. An after-improved value appraisal is generally required. Renovation funds are typically held in escrow and disbursed as work is completed.
Not every renovation program is available for every property type or situation. Program availability, eligible improvements and qualification requirements vary by lender and program. Contact Mortgage Approval Group to discuss your renovation goals and available options.
Renovation Loans in Tampa & Florida
Florida's housing market includes a mix of newer construction and older properties that may benefit from renovation. Renovation loans can be a useful tool for buyers throughout Tampa Bay and across Florida who want to purchase and improve a property or update a home they already own.
Mortgage Approval Group works with wholesale lenders to help homebuyers and homeowners throughout Florida explore renovation mortgage options. Our mortgage professionals can help you understand available programs and evaluate whether a renovation loan may be a good fit for your goals.
Why Work With Mortgage Approval Group?
Mortgage Approval Group is an independent mortgage broker headquartered in Tampa, Florida, serving homebuyers, homeowners and real estate investors throughout the state. As a broker, we work with a network of wholesale lenders — which means we can compare loan programs and pricing across multiple sources rather than being limited to a single lender's offerings.
Our mortgage professionals take time to understand your goals, review your financial situation and help identify financing options that may fit your circumstances. Whether you're purchasing your first home, refinancing an existing mortgage or exploring a specialized loan program, we're here to guide you through the process.
Mortgage Approval Group, LLC is located at 2918 Busch Lake Blvd, Suite A, Tampa, FL 33614. We serve borrowers throughout Florida.
Frequently Asked Questions
Related Loan Programs
Ready to Explore Your Options?
Contact Mortgage Approval Group to discuss your goals and learn about the mortgage programs that may be available for your situation.