Renovation Lending Services

Our dedicated renovation specialists will work with you to help find competent licensed contractors, get bids and obtain renovation information. We manage the renovation financing, paying the contractor directly at key stages of progress.

4 Solutions for Buyers & Homeowners...

The Starkey Mortgage Renovation Lending program provides qualified buyers with the financing to purchase and renovate, in one affordable home loan. The program is also available to homeowners who want to refinance and renovate or remodel their existing home. The best part is that all renovation work is completed by a professional contractor after closing.

The possibilities are almost endless

  • Finish the basement
  • New flooring, new kitchen, new bathrooms,
  • Add energy efficient windows & doors
  • Upgrade furnace, HVAC system

  • Expand the house - add a bedroom, bathroom, master suite.
  • Create open-plan living - tear down/move walls
  • Remodel the kitchen
  • Add a garage

Learn more about each option below or contact a local starkey mortgage loan officer.

Purchase with Major Renovation Over $35,000

FHA 203(k) Standard Renovation

FHA 203(k) Standard Renovation

  • Minimum down payment required.
  • 620 minimum credit score.
  • Permits renovation costs on repairs exceeding $35,000 including structural changes & extensive remodeling
  • Homeowners can use the program to refinance their existing mortgage plus the renovation costs into one loan. Total finance amount based on the “after approved value” of the home.
  • All work must begin and permits obtained within 30 day of closing.
  • Renovations must be completed within 6 months of the closing date.

Refinance & Renovate An Existing Home

Greater Flexibility for Home Purchase with Renovation or Refinance & Renovate Existing Home

Conventional HomeStyle Renovation

Conventional HomeStyle Renovation

  • Minimum down payment required.
  • 620 minimum credit score.
  • Seller contributions vary from 3% to 6%.
  • $424,100 maximum loan amount.
  • Total renovation costs are limited to 50% of the “as completed” appraised value of the home
  • All work must begin and permits obtained within 30 day of closing.
  • Renovations must be completed within 6 months of the closing date.
  • Homeowners can use the program to refinance their existing mortgage plus the renovation costs into one loan.

Purchase with Minor Renovation Under $35,000

FHA 203(k) Streamlined Renovation

FHA 203(k) Streamlined Renovation

  • Minimum down payment required.
  • 620 minimum credit score.
  • Total renovation costs not to exceed $35,000 for minor remodeling & repairs.
  • Homeowners can use the program to refinance their existing mortgage plus the renovation costs into one loan. Total finance amount based on the “after approved value” of the home.
  • All work must begin and permits obtained within 30 day of closing.
  • Renovations must be completed within 6 months of the closing date.

VA Purchase & Renovate

Veterans & Activity Duty Service Members

VA Renovation

VA Renovation

  • A down payment is not required for loan amounts up to $424,100 with full entitlement. Loan amounts exceeding $424,100 may require a down payment based on county loan limits and entitlement.
  • 580 minimum credit score.
  • Finance repairs and renovation up to 25% of the lower of property sales prices or “after improved” appraised home value.
  • Eligible applicant must be a service member, veteran or surviving spouse.
  • Renovations must be completed within 90