Bottom Line Up Front
FHA 203(k) and Fannie Mae HomeStyle combine purchase + renovation costs into a single mortgage.
Overview
FHA 203(k) and Fannie Mae HomeStyle combine purchase + renovation costs into a single mortgage.
Who Qualifies?
FHA 203(k): 580+ credit, 3.5% down. HomeStyle: 620+ credit, 3-5% down. Licensed contractor.
Key Benefits
- ✓One loan covers everything
- ✓Finance renovations without cash
- ✓Build instant equity
✅ Pros
- Single loan simplicity
- Expand buying options
⚠️ Considerations
- Complex process
- Contractor requirements
- Longer closing
California-Specific Information
Ideal for updating California's Craftsman bungalows, Victorians, and mid-century homes in desirable neighborhoods.
Rates & Pricing
Similar to standard FHA/conventional with slight premiums.
Why Choose Save Financial for Renovation Loans?
Save Financial is a trusted California mortgage broker (NMLS #377740) with 45 years of combined experience and relationships with 20+ wholesale lenders. We specialize in finding the best renovation loans rates and terms for California borrowers. Our $500 price guarantee means if we can't beat another lender's offer, you get $500. We serve 60+ California cities from our offices in Newport Beach and Marina del Rey, and our team speaks English and Spanish.
Call (888) 703-1840 or get a free quote online — open 7 days a week, 9AM–8PM.
$500 Cash Loan Price Match Guarantee
Get a written offer from any lender. If Save Financial cannot beat it for the same product, we pay you $500 cash.
NMLS #377740 · DRE #01875766 · Call (888) 703-1840
Reviewed By
Mike Baasti, Licensed Mortgage Broker
Founder of Save Financial, Inc. (NMLS #377740) in Newport Beach, CA. 20+ years in residential and investment lending across conventional, FHA, VA, jumbo, hard money, bank statement, and specialty mortgage programs.