What Is a Renovation Loan?
A renovation loan allows you to finance both the purchase of a home and the cost of improvements in a single mortgage. It’s a smart solution for buyers who want to turn a fixer-upper into their dream home, or for current homeowners who want to refinance and renovate at the same time.
FHA 203(k) Loan Options
Standard 203(k) Loan
- Covers major renovations and structural repairs
- Can be used for fire or flood damage, foundation repairs, or room additions
- Combines purchase price and renovation costs into one mortgage
Streamline 203(k) Loan
- Designed for smaller projects under $31,500
- Covers non-structural repairs and updates
- Perfect for modernizations like painting, roofing, flooring, or appliance upgrades
Benefits of a Renovation Loan
- One loan, one payment – combine home purchase and upgrades
- Low down payment – as little as 3.5% with qualifying credit
- Flexible repairs – from structural fixes to cosmetic updates
- Boost your home’s value – improvements are factored into the appraised value
- Government-backed security – insured by the FHA
How It Works
When you close on a 203(k) loan, funds for repairs are held in escrow. As your licensed contractor meets renovation milestones, funds are released to cover the work. This ensures improvements are completed on time and on budget.
Why Work With Tim and Liz?
Tim and Liz Serratt specialize in helping buyers and homeowners across Vero Beach understand their financing options. With their guidance, you can confidently buy and improve a property without juggling multiple loans.
Start Your Renovation Journey Today
Whether you’re buying a fixer-upper or updating your current home, a renovation loan can make it possible.
What our Clients say
Trusted by families across the Treasure Coast.
I wanted to take a moment to thank Tim Serrat and the Contour Mortgage Team for the excellent job they did leading to purchase of my new home in Satellite Beach. Tim did an outstanding job from day one. He got me the best finance rate, explained the entire process and walked me through every step of the way. Everything happened exactly like he promised with no surprises. Tim was super responsive answering calls and clarifying any questions. To top it off he connected me with the home insurance company that ended up providing the best quote and coverage I could find. I highly recommend Tim Serrat and Contour Mortgage to anyone looking to finance or re-finance their home.
From the very first meeting with Tim I could tell he truly listened and cared about my situation he made the whole process of applying for a mortgage seem pretty easy even though I’m a single mom and the last time I bought a house was 10 years ago! Everybody at Contour mortgage is kind and helpful so glad I trusted first Scott and Janice Reynolds to even believe it was possible and then Tim made it a reality!!! Thank you to Sarah my realtor she’s a sweetheart looking at houses can be exhausting but we did it together smiling even laughing sometimes at the process of trying to find the right house for me. I highly recommend Contour Mortgage excellent team!!
I recently relocated from New York to purchase a home in Vero Beach, and Tim Serratt from Contour Mortgage came highly recommended. I’m so glad I was connected with him — he was absolutely fantastic to work with from start to finish.
Tim has a calm, reassuring demeanor that immediately put me at ease. He is incredibly knowledgeable and walked me through every step of the mortgage process with patience and clarity. Buying a home from out of state can be stressful, but Tim truly held my hand throughout the entire journey and made everything feel manageable.
If you’re looking to purchase a home in Florida and want a mortgage professional who is both skilled and genuinely supportive, I highly recommend working with Tim.