Found a house in the right location that you like and want to turn it into a home you love?
Then Planet Home Lending’s renovation loans could be a great choice.
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.
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!
A home renovation loan pays for remodeling to improve your home and possibly increase its value.
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.
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 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.
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.
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.
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 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.
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.
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.
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.
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.
1â€¯Up to 6 months' mortgage payments can be financed if the property is uninhabitable during renovation.
THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY. THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE US GOVERNMENT.