Home Renovation Refinance Loans

Why move when you can love the home you already own? Get money for repairs and renovations with a home renovation refinance loan from Planet Home Lending.

Refinancing your mortgage can be a smart choice even if your home improvement budget is more than the equity in your home.

You can create your dream kitchen, transform your bedroom into a luxury owner’s suite, or add more space.

Let your imagination be your inspiration. Refinance and customize, modernize, and update - all with one loan and one closing.

How does a home renovation refinance loan work?

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

      • Add a bathroom, upgrade your kitchen, or create open new living spaces
      • Make needed or desired repairs
      • Transform your current home and make it your own
      • Finance up to six months mortgage payments1
      • Borrow based on the after-upgrades value of your home

Let our renovation team deliver the solutions, resources, and support you need to turn your house into a home you love! Call 888-966-9044 or start now!

Free Quote

What are my home loan refinance options?

FHA 203(k) Refinance Loan

FHA 203(k) refinance loans may be an excellent choice when you want to refinance and renovate. Planet is an approved FHA 203(k) home renovation lender so you can remodel with confidence.

Planet offers both Standard and Limited FHA 203(k) programs that accommodate home improvement projects of varying size and scopes.

Use Standard 203(k) loans for larger projects, repair budgets, or even structural work, including additions and expansions.

Limited 203(k) is designed for smaller, mostly cosmetic projects with budgets up to $35,000 (including fees).

Fannie Mae HomeStyle®

The HomeStyle renovation mortgage loan can fund luxury upgrades, like a backyard oasis with a new swimming pool and outdoor kitchen.

Freddie Mac CHOICERenovation®

Freddie Mac’s CHOICERenovation: Make energy-efficiency upgrades, build a home office, add an accessory dwelling unit, or any other improvements that are attached to, and add value to your home.

Freddie Mac CHOICEReno eXPress®

Does your dream home only need minor upgrades to become a reality? The CHOICEReno eXPress loan streamlines financing of smaller home renovation projects. You can even buy your upgrades from a home improvement store’s contractor.

VA Alteration Loan

VA Alteration mortgage loans are a valuable benefit earned by veterans, members of the Armed Forces on active duty, reservists, and some military spouses.

Spend up to $50,000 to add the upgrades you crave.

Improve your home’s accessibility. Build ramps, lower countertops, widen doorways and make related improvements.

High-balance renovation loan program (cash-out refinance)

Do you live in a high-cost area? If so, ask us about our high-balance FHA and conventional renovation loans.

Jumbo Renovation Mortgage (Cash-Out)

Own a luxury home? Want to borrow more than the conforming loan limit? Planet Home Lending’s cash-out Jumbo mortgage lets borrowers tap up to $1 million in home equity. Use the money for anything, including renovations and home additions.

No matter which Renovation Refinance option you choose, we'll guide you through the mortgage loan process.

We’re here for you. Our Renovation Specialists will stay with you throughout the journey, on call to answer all your questions. Call 888-966-9044 for answers or click the button below to get started today.


Renew. Reimagine. Renovate

Home Renovation Refinance Loan Frequently Asked Questions

Is refinancing and renovating a house a good investment?

Sometimes you don’t need to sell your current home and buy a new one to change your space. Make repairs and upgrades with the equity you’ve earned in your current home and possibly increase what it’s worth.

What's the benefit of a home renovation refinance vs a HELOC?

HELOCs (home equity lines of credit) are typically variable rate loans and may come with lower rates than first mortgages. That means the interest rate you pay, and your monthly payment can increase over time. After the initial rate ends, you may have to pay not only the interest but also repay the principal. That can lead to higher monthly payments.

A fixed interest rate renovation refinance will have the same principal and interest payments as long as you have your home loan, and you can take up to 30 years to repay.

How is a Renovation Refinance Home Loan different than a Cash-Our Refinance Home Loan?

With a renovation mortgage, you're agreeing up front to use the proceeds to renovate your property. With a Cash-Out Refinancing, you get a lump sum that you can use for anything you want.

Both are secured loans, meaning you're pledging your home as collateral.

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

Yes. If you refinance with a home renovation loan you can use the money from refinancing to add solar and other energy efficiency improvements to your current home.

How much can I borrow to remodel my house?

Our borrowers are unique and so are Planet Home Lending’s home refinance plus renovation loans. FHA’s 203(k) loans are great for modest projects. For luxury homes, we have a Jumbo cash-out that lets qualified borrowers tap up to $1 million in home equity.

At Planet, we believe that you should know all your options and feel at ease and empowered throughout the mortgage loan process. Ask us about any loan amount you need to pay for your home improvement project.

Our home renovation loan professionals supply the clarity you need to find the best choice for your dream renovation plans.

Call 888-966-9044 to click below to get in touch right now!


Do home renovation loans carry higher interest rates and different terms than regular home purchase loans?

Home renovation loan rates may be slightly higher. Mortgage interest rates are based on risk. The more equity you take out of your home, the higher your interest rate may be.

Home remodeling refinance rates are usually lower than the rates for unsecured personal loans or credit cards, too.

Home renovation loan rates are also influenced by how long the loan is, called "term." Typically, the shorter your home loan term the lower your interest rate. 15-year home renovation loan rates will usually be lower than 30-year home renovation loan rates.

Do I need a good credit score for a home improvement refinance loan?

Borrowers with the highest credit scores usually qualify for the lowest rates.

Even if there's an oops in your credit history, you may still be able to qualify for a home renovation refinance mortgage. We want to be your lender for life and that includes the rough patches, too.

Call 888-966-9044 to talk to a home remodeling loan professional or click to get started now.


Are all home lenders FHA 203(k) loan lenders?

No. There are far fewer FHA 203(k) loan lenders than regular FHA lenders because 203(k) lenders need specialists to review renovation work plans and supervise contractor payments. There's a unique home loan process for FHA 203(k) loans.

How are 203(k) loan requirements different from regular FHA loan requirements?

The extra requirements for a 203(k) loan mostly involves having Planet Home Lending review your remodeling plans and manage paying the contractors. Other than that, the rules for qualifying for an FHA 203(k) renovation loan are similar to the rules for regular FHA home loans.

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