Home Renovation Purchase Loans

Found a house you like and want to turn it into a home you love? Planet Home Lending’s renovation loans could be the perfect choice.

  • Buy a home
  • Get money for upgrades
  • Create a home you love

Our renovation loans conveniently bundle home purchase and home improvement costs into one loan, with one closing, and one payment. Save time and money with reduced costs and lower monthly payments versus other home improvement financing options.

  • Borrow based on the after-upgrades value of your home
  • Possibility to finance up to six months of mortgage payments during major renovations1
  • Purchase now, move in when improvements are completed

Our renovation team is dedicated to delivering the solutions, resources, and support you need to make that house you like, the one you love, and get you home!

How does a home renovation loan work?

A home renovation loan pays for remodeling to improve your home and possibly increase its value.

  • Add a spa bathroom or chef's kitchen
  • Create open living spaces
  • Make repairs
  • Update mechanical systems for dependability and energy efficiency
  • Replace the roof, decks, siding, or windows

Buy and remodel with confidence. Planet’s Home Renovation Loan Team stays with you on your renovation loan journey, and on call to answer all your mortgage questions. Call 888-966-9044 or click below to get a FREE quote.

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What are my home renovation loan options?

Every borrower is different, and we work with you to find the home improvement loan option that works best. Planet has multiple renovation loan programs to select from. That lets us to tailor your loan to match your situation.

FHA 203(k) Renovation Loan

FHA 203(k) renovation loans are a great choice when you want to purchase and renovate. Planet is an approved FHA 203(k) mortgage lender.

Planet offers both the Standard and Limited FHA 203(k) loan programs for projects big and small. The Standard 203(k) allows for larger projects, repair budgets, and structural work, including additions and expansions. The Limited 203(k) is designed for smaller projects that are mostly cosmetic and non-structural repairs. With the Limited 203(k) you can finance up to $35,000 (including fees) in addition to a home’s purchase price.

Fannie Mae HomeStyle® loan

The HomeStyle® renovation mortgage loan gives you higher loan amounts and allows for luxury items, such as adding a new swimming pool. It also has options to purchase and improve second homes and investment properties.

Freddie Mac CHOICERenovation®

Use Freddie Mac’s CHOICERenovation® loan to make energy-efficiency upgrades, add square footage by building a home office, add an accessory dwelling unit, and other improvements attached to your home.

Freddie Mac CHOICEReno eXPress®

Does your dream home only need minor upgrades to become a reality? The CHOICEReno eXPress® loan, a streamlined version of the CHOICE Renovation loan, is for homebuyers looking to finance smaller home renovation projects. You can even work with a home improvement retailer or store.

VA Alteration Loan

VA Alteration mortgage loans are available to qualified veterans, members of the Armed Forces on active duty, and military spouses. Renovation costs and improvements are limited to $50,000 and in general, the improvements should be cosmetic and non-structural unless they are for handicap accessibility. With a VA renovation loan (also called a VA rehab loan), you can build ramps, lower countertops, widen doorways, and make other handicap-related improvements.

Planet is a VA lender. Planet’s Home Renovation Loan Team stays with you on your renovation loan journey, and on call to answer all your mortgage questions.

Call 888-966-9044 for answers or click the button below to get started today.


Renew. Reimagine. Renovate

Home Renovation Frequently Asked Questions

Do the repairs have to be completed before the loan closes?

No, one of the biggest benefits of a renovation loan is that the seller gets to sell the home “as is” without having to fix anything in order to sell it. And you get to decide what work will be done to the home after closing and sometimes prior to moving in.

Is renovating a house a good investment?

Typically homes that are being sold in need of repairs, improvement, and upgrades are listed for sale at a discount relative to homes in move-in ready condition. Based on this discounted price, these homes can be an affordable option. If your upgrades add value, you'll have instant home equity once they're done.

Can I buy a house and add solar panels or other energy-efficient upgrades before I move in?

Yes. If you finance your home purchase with a home renovation loan, you can add solar and other energy efficiency improvements before or after you move in. 

How much can I borrow to buy and remodel a house?

Our borrowers are unique and so are Planet Home Lending’s home purchase plus renovation loans. Our home renovation loan professionals can help provide clarity and show you different mortgage choices. At Planet, we believe that you should know all your options and feel at ease and empowered throughout the mortgage process.

Call 888-966-9044 now or click below to get a free quote.

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1Up to 6 months' mortgage payments can be financed if the property is uninhabitable during renovation.