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San Antonio Renovation Home Loans

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San Antonio Renovation Mortgage Lender

San Antonio Renovation Home Loans

Renovating a home often requires a considerable amount. Even if you can finance the renovation out of pocket, using your savings to finance a home renovation might be unwise, especially with the recent wave of economic uncertainties triggered by the COVID pandemic. 

If you must renovate your home, consider taking a renovation home loan. You can spread the amount and pay it for several months or even years. 

Capital Home Mortgage offers different home renovation loans depending on your qualifications. We have FHA 203(k) loans for those with not-so-good credit scores and history. Moreover, we have conventional renovation loans under Fannie Mae and Freddie Mac. Let’s go over these types of renovation home loans to get a clearer picture of which best suits your requirements. 

FHA 203(k) Loans

You can use an FHA 203(k) loan for two purposes. You can use it to renovate an existing home or buy an old house and renovate it. This type of loan is ideal for low-income families who can’t afford a new home. They can use the money to buy an old house for a low price and use the excess funds for renovations and repairs.  

Alternatively, you can use this loan to renovate your home if it’s due for repairs or modifications to accommodate more people.

  • Standard 203(k)

Get the standard 203(k) if you need an extensive renovation. You can use this loan for plumbing, flooring, heating and cooling, and remodeling. There is no cap for the loan amount, but the minimum ask is $5,000. Take note that the total value of the property must be within FHA limits to qualify for this loan. Luxurious and extravagant renovations are not covered in this loan program.

  • Limited 203(k)

A limited 203(k) loan is ideal if you only need money for minor repairs. It’s capped at $35,000 but usually easier to obtain than a standard 203(k).

Fannie Mae HomeStyle Renovation Loan

The HomeStyle Renovation Loan of Fannie Mae lets you buy a home and use the excess funds for renovations. However, it would help if you first had an approved contractor before using the extra funds. The approved contractor will submit the renovation plans to the bank for a “draw.” The bank will then ensure that work is done before paying the contractor. You can also use this home loan for a one-unit second home or investment home.

Freddie Mac CHOICERenovation Loan

The FreddieMac CHOICERenovation home loan works like HomeStyle Loan but prioritizes specific borrowers. First-time home buyers, rural home buyers, senior homeowners, and multigenerational households can get preference for CHOICERenovation loans. You can finance renovations for up to 75% of your home’s value.

Get a Renovation Home Loan in San Antonio

Talk to our mortgage experts to learn more about the different San Antonio home renovation loans we offer at Capital Home Mortgage. With direct mortgage lending, we can provide you with the best mortgage services and rates since we handle the entire loan process from pre-approval to funding. 

Contact our renovation team now by calling (800) 850-4265.

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San Antonio FHA Renovation 203K Loan

FHA offers a rehabilitation loan that can be used either with a purchase of a new home or as part of a refinance.  The FHA 203K Home loan is offered to allow homeowners to purchase less than perfect homes or to bring the current home up to date with improvements.

Purchase and Refinance

On Purchase Transactions, Max Loan Amount is lesser of:

  • Adjusted As-is Value plus allowable financeable rehabilitation cost plus fees/reserves; or
  • 110% of After-Improved Value
    (100% for condominiums including site-condos)

On Refinance Transactions, Max Loan Amount is lesser of:

  • Existing Debt plus financeable Rehabilitation
  • Cost plus Prepaid and Closing Cost; or
  • 97.75% multiplied by lesser of:
  • As-is value plus rehabilitation cost; • 110% of After-Improved Value
  • (100% for condominiums including site-condos)

Eligible Properties

(Owner-Occupied Only):

  • PUDs (Planned Unit Developments)
  • 1 to 4 Units
  • Doublewide Manufactured Home
  • Condominium (in FHA Approved Projects) & Site-condo

Mixed Use Properties Allowed:

  • A minimum of 51% of the entire building’s square footage must be used for residential use.

FHA 203K Full Rehab

  • Full 203K – allows improvements to exceed the 35K cap on renovations.  The improvements are not limited cosmetic, but can be include major structural including an addition. This can be combined with a purchase or with a fully documented refinance. 

FHA 203K Full Rehab

  • Streamline 203K – allows for up to 35K of improvements to be financed into the loan.   This can be combined with a purchase or with a fully documented refinance. The improvements are typically cosmetic, but can be limited structural as long as the improvements are not for an addition.

San Antonio Fannie Mae Homestyle Loan


  • Simple – Flexible – Affordable
  • Purchase or Refinance
  • Primary, Secondary, or Investment Properties
  • As Completed Values 

Homestyle Standard

  • 95% Primary LTV 
  • 97% 1st time Buyers LTV
  • 90% Second Home LTV
  • 85% Investment Property LTV

Homestyle Limited

  • Up to 25K Project Costs Including Fees
  • Project is Single Draw
  • Alternative to Escrow Holdbacks
  • Appraiser to Perform Final 

Homestyle Pools

  • Install Pool, Pool Decking, Fencing
  • Material Draw Available 

Homestyle Maunfactured

  • Update for Kitchen and Baths,
  • Install Energy Efficient Updates
  • Deferred Maintenance

San Antonio Freddie Mac Choice Renovation Loan

CHOICERenovation can assist first time homebuyers who want to fix up a more affordable home, current homeowners who are looking to age in place by making needed repairs and improvements, and multi-generational families who need a more customized living space.

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on a 1-unit investment property;  90% on a 1-unit second home
  • Credit Scores down to 620
  • Owner-occupied 1–4 unit condos, PUDs, 1-unit second homes, and investment properties are all eligible
  • Luxury renovations and improvements are eligible, like adding a pool or outdoor living area

As inventory becomes increasingly scarce, and home prices remain high, homebuyers are increasingly looking at older, more affordable homes that can be fixed up or customized to their liking. CHOICE Renovation give buyers this opportunity topurchas an older home and make it their own

Not Sure? Take a Look at Other San Antonio Mortgage Programs

San Antonio Texas Renovation Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Kelly Cameron

Loan Officer
NMLS 178093

Kelvin Thompson

Loan Officer
NMLS 2050042

Jonathon Cummins

Loan Officer
NMLS 270657

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