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’ve been working with Tim Serratt since 2017 — from purchasing my home to several refinances — and most recently, he helped get my new loan approved! Even though I’m on the West Coast and he’s on the East Coast, he always makes me feel like I’m his top priority. He’s incredibly responsive, always answers my calls and questions right away, and goes above and beyond to make the process smooth and stress-free.
I truly appreciate his dedication and professionalism. No matter where I am or what kind of loan I need, he’s the only person I trust to handle it. Highly recommend — a true 5-star loan officer!
Cheers to 8 years friendship Tim🥂 and cheers to new chapter of our life in the new house 🏡 🥂
Tim and his team are the best! Would have not been able to close without him. I was working with a different company before him and there was a lack of communication with what was needed to close. Tim came in with a very short time frame and was very clear with what needed to happen for me to close. He made it happen fast and smoothly. Would recommend for everyone looking for a mortgage.
Tim was absolutely amazing figuring our mortgage out. It was such a stressful situation and the first lender denied us literally at the last minute! But Tim kept us calm and reassured us that it was gonna happen. And let me tell you he did it! He pulled a rabbit out of the hat and made some magic happen! I just cannot say enough about how pleased we are with Contour. Tim and his Wife Liz make an excellent team and even followed up with us when this stressful process was all done. You can tell they really care about their clients. We will definitely be only using them in our next mortgage!