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.
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!
Im a 25 year old Navy veteran going through college. My wife and I wanted a house to start building our family and Tim made ut all possible. He worked with us to fix our finances, and get us into our dream house. My family and I are extremely greatful for the work that Tim did and we are hoping that if anyone is in a similar situation in life and are too scared to try, you feel a little more comfortable with letting Tim help you.
Thankful, grateful and blessed. These are the words that come to mind now that we are in our beautiful home. Thankful to Tim for carrying us throughout the sometimes stressful moments of the home buying process. Tim never wavered and when road blocks come, as they sometimes do, Tim plowed through them and took every possible step to make sure we got our home. Communicating every aspect to us efficiently and clearly (even figuratively talking us off of the ledge a few times 😂) Grateful that we chose Tim & Liz to handle this home purchase as I know in my heart that if not for them, we may not be in our beautiful home had we went with another mortgage company. Blessed to now be in our home, to have chosen Contour mortgage , and to have met and worked with these two amazing people. Dreams do come true 🥰 Thank you Tim, Liz, and the entire team at Contour mortgage for making ours come true! T&C