Loan Programs

Renovation Home Loans

A convenient, single loan that bundles the purchase or refinance of your home with the funds needed to upgrade it.

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Renovation Calculator

Is a renovation loan right for you?

Purchase and fix up your dream home with a rehab home loan. A rehab loan lets you include the cost of home improvements and repairs into a new home loan. Finance your home’s purchase price and any repairs or upgrades to be made in one mortgage.

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Benefits of a renovation loan

  • Save Money: Combine your rehab loan and your mortgage into a single home loan, which limits your loan closing costs.
  • Buying or refinancing: Our rehab loan is available to both buyers and refinancing households.
  • Expanded Options: Find the right rehab loan whatever your home improvement project and needs.

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Renovation loan eligibility requirements

  • Good credit score
  • Down payment of 3.5% or more
  • Self-occupancy of the property
  • Debt-to-income ratio below 45%

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Check out what your monthly payment could be by using our 203k Renovation Mortgage Calculator…

Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!

Loan Method
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$0 $1 Million
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$50,000 $2 Million
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0% 80%
$
$0 $500,000
Structural Damage
Utilities On During Appraisal
Loan Term
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0% 20%
Advanced (optional)
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%
0% 5%
$
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0% 15%
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0% 10%
$ /month
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%
0% 20%
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10% 50%
Monthly Payment Breakdown
Principal & Interest (P&I)
$
MIP
$
Taxes & HOA
$
Homeowners Insurance
$
Loan Details:
Loan Type
Purchase Price Home Value $
Down Payment $
Current Mortgage Balance $
Total Renovation Costs $
Upfront MIP $
Total Loan Amount New Loan Amount $
Contingency Reserve A contingency reserve is an additional amount of money set aside to cover unexpected costs that may arise during the renovation process. It's typically 10-20% of the total renovation cost. This reserve helps ensure that you have funds available if unforeseen expenses occur, helping to keep your project on track.
Estimated Taxes & Insurance Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
Expected Home Value Increase The expected increase in home value to qualify for a home improvement mortgage can vary depending on the lender and loan program. FHA 203(k) loans typically require that the improvements will increase the property value by at least the amount of the repairs.
Save & Email Results
Renovation Associated Costs $
Renovation Cost Estimate
$
Contingency Reserve
$
Draw Inspection & Title Update
$
203(k) Consultant Required
203(k) Consultant Fees
$
203(k) Supplemental Origination Fee
$
Estimated Monthly Payment $ /mo
Loan Type
Total Renovation Costs
$
Loan amount
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
Upfront MIP
$
Annual MIP rate
$
Monthly MIP
$
HOA dues
$
Payment Breakdown
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan. Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
  • Principal payments: $ (the amount borrowed)
  • Interest payments: $ (the cost of borrowing)

MORTGAGE TOOLS

Your Mortgage Options, Made Clear.

MORTGAGE SOLUTIONS

Find the Financing That

Fits Your Future.

Explore home loan programs designed to support your homeownership goals, whether you’re purchasing, refinancing, or planning your next move.

Conventional

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FHA

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VA

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Jumbo

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Renovation

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USDA

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No Income / No Employment DSCR Investor Loans

Buy Investment Property with Non-traditional Income.
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12/24 Month Bank Statement

Serving OUR Community’s Self-Employed Borrowers with Smarter Loan Options.
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No Income / No Employment Loan Primary Residence Loan

Empowering OUR Community with Flexible, Asset-Based Mortgage Solutions.
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ITIN Mortgage Loan Program

Homeownership Made Possible for Non-U.S. Citizens Using an ITIN.
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P&L-Only Mortgage Loan Program

Streamlined Approval for Self-Employed Borrowers Using Just a P&L.
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1099 Mortgage Loan Program

Flexible Home Financing for 1099 Earners — Less Paperwork, More Possibility.
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NAF Cash

NAF Cash Can Turn You Into a Cash Buyer.
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One Time Close Construction

Build your dream home with an OTC Jumbo loan designed for big visions.
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Down Payment Assistance

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Medical Professionals Mortgage Program

Designed for Doctors, Dentists & Healthcare Heroes in North Carolina — and Beyond
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Free Tools

Check Out Our Other Mortgage Calculators

Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.

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Assess how much home you can afford based on your income, expenses, and desired down payment.

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Compare the costs of renting versus buying a home to determine the best financial decision for your situation.

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Seller Net Profit Calculator

See how much you could make from your home sale with our Seller Net Profit Calculator.

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Rate Buydown Calculator

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HELOC Calculator

Estimate your credit limit and monthly payments with our HELOC Calculator!

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Mortgage Comparison Calculator

Compare different mortgage options side by side to find the best fit for your financial needs.

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Refinance Comparison Calculator

Evaluate the potential savings and costs associated with refinancing your existing mortgage.

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DSCR Investor Calculator

See what your investor ratio is with our DSCR calculator.

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Adjustable Rate Mortgage Calculator

Determine your potential monthly payments and interest costs for an adjustable-rate mortgage over time.

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VA Calculator

Estimate your monthly payments and total costs for a loan backed by the Department of Veterans Affairs.

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Jumbo Calculator

Calculate your monthly payments and total costs for a jumbo mortgage that exceeds conforming loan limits.

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FHA Calculator

Determine your potential monthly payments and total costs for a Federal Housing Administration loan.

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Conventional Calculator

See the monthly payment and total cost for a conventional mortgage loan.

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USDA Calculator

Calculate the costs and monthly payments associated with a USDA Rural Development loan.

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203k Renovation Calculator

Estimate your monthly payment for a loan that combines your home purchase or refinance with eligible renovation costs.

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General Mortgage Payment Calculator

See what your monthly payment could be with our general repayment mortgage calculator.

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YOUR NEXT MOVE STARTS HERE

Let’s find your path home.

Buying, refinancing, or exploring your options? Connect with Greg Downs at New American Funding for personal guidance and home loan options that fit your goals.

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