Buy It Rough. Finance The Fix.
Purchase and renovation in one conventional loan, underwritten on what the home will be worth after the work.*
The conventional answer to a house that needs work.
The FHA version of this is well known. The conventional one is not, and it suits a stronger credit borrower better.
- Purchase and renovation in a single conventional loan*
- Underwritten on the value after the improvements*
- Conventional mortgage insurance can end with equity*
- Work is scoped and costed before closing
- Funds are released as the work progresses
- Program availability is subject to specific approval*
Underwritten on the value the home will have once the work is finished*
Purchase and renovation financed in a single conventional loan*
Underwritten on the value after the improvements rather than before*
Conventional financing, so mortgage insurance can end with equity*
Work is completed after closing, with funds released as it progresses
Standard documentation: income, assets, and credit
What is the Saxton HomeStyle Renovation Loan?
A conventional purchase and renovation loan in one
This finances the purchase of a home and the work it needs in a single conventional loan. The appraisal is done on what the property will be worth once the renovation is complete, which is what allows the work to be financed at all.
Two things decide this one: whether the scope of work can be specified and costed before closing, and whether the after-improved value supports the total. Neither is about your credit.
Most people only know the FHA version of this idea. The conventional route matters because FHA carries mortgage insurance for the life of most loans, while conventional mortgage insurance can come off once you have built enough equity. For a stronger credit borrower that difference compounds.*
Why choose the Saxton HomeStyle Renovation Loan?
Built for buyers looking at the right house in the wrong condition.
The Right Location
When nothing move-in ready is available at your price, the house that needs work is often the only route into the street you want.
After-Improved Value
The appraisal reflects the finished home rather than the one you are standing in, which is what makes the work financeable.*
Insurance With An End
Unlike the FHA version, conventional mortgage insurance can come off once you have enough equity. Over a long hold that is the whole argument.*
One Closing, Not Two
Purchase and renovation are financed together rather than as a mortgage followed by a separate loan for the work.
Plan The Scope Early
The work has to be specified, costed and scheduled before closing. This is not a loan you improvise your way through.
Approval Applies
This program requires specific lender approval, so confirm availability before you write an offer around it.*
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about conventional purchase and renovation financing.
Both finance purchase and renovation together. The conventional version suits a stronger credit borrower better, mainly because conventional mortgage insurance can come off once you have equity while FHA usually carries it for the life of the loan.*
The appraiser values the property as it will be once the renovation is complete rather than as it stands today. That figure is what allows the work to be financed.*
After closing. The funds for the work are held and released as it progresses rather than handed over at the start.
Yes, and that is the part people underestimate. The scope has to be specified, costed and scheduled before closing. Improvising afterwards is not how this loan works.
That depends on the work and the program requirements. Raise it early rather than assuming, because it changes how the funds are released.
No, and it is the main reason to choose this route. Conventional mortgage insurance can be removed once you have built enough equity. FHA carries it for the life of most loans.*
Talk to a licensed loan officer first. This program is subject to specific approval, so confirm it is available for your file before you build a contract around it.*
Find out what you qualify for
If the right house needs work before you can live in it, there is likely a Saxton HomeStyle Renovation Loan that fits. Get a fast, no obligation pre-qualification today.
Get Pre-Qualified- Fannie Mae, HomeStyle Renovation
- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. HomeStyle Renovation financing is subject to specific lender approval and to Fannie Mae renovation requirements covering scope, contractor documentation, appraisal on an after-improved basis and disbursement of funds. Availability should be confirmed before an offer is written around it. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.