Renovation Financing

Renovation Loans
in New Jersey

Northern NJ's housing stock is older, and move-in-ready homes draw the most competition. A renovation loan rolls the purchase and the improvements into one mortgage — so you can buy the home others overlook and make it yours, based on what it'll be worth when the work is done.

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No obligation — get your estimated price range and monthly payment, powered by our lending partner, Bond Street Mortgage.

Choose your program

Three ways to finance a renovation

01

FHA 203(k)

Government-insured, 3.5% down. Finance up to $75,000 in repairs (Limited) or larger structural projects (Standard).

Explore 203(k) → 02

Fannie Mae HomeStyle

Conventional and flexible — finances almost any improvement, including luxury items, on primary, second, or investment homes.

Explore HomeStyle → 03

Freddie Mac CHOICERenovation

Freddie's conventional renovation loan, with resilience upgrades and even sweat-equity options on a range of property types.

Explore CHOICERenovation →
Northern NJ Mortgage Guide First-Time Buyer Programs Get Pre-Approved

Why a renovation loan

One loan does two jobs

1 loan
Purchase and renovation combined into a single mortgage and one monthly payment — no separate construction loan or credit cards.
$75,000
Finance up to this in repairs on an FHA Limited 203(k) with no consultant required — recently raised from $35,000.
After-reno value
Your loan is based on what the home will be worth once the work is done, not just today's as-is price.

Program terms are set by HUD/FHA, Fannie Mae, and Freddie Mac and change periodically. Confirm current limits and guidelines with Bond Street.

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FHA 203(k) vs. HomeStyle vs. CHOICERenovation

Program Loan type Down payment Property use Mortgage insurance
FHA 203(k) Government-insured 3.5% Primary residence only FHA MIP
HomeStyle Conventional (Fannie Mae) As low as 3–5% Primary, second, or investment PMI, cancellable
CHOICERenovation Conventional (Freddie Mac) As low as 3–5% Primary, second, or investment PMI, cancellable

203(k) is the more flexible-credit, owner-occupant path; the conventional options open up investment properties, luxury improvements, and cancellable mortgage insurance. Terms set by the agencies and lender and change periodically — confirm with Bond Street.

Common questions

Renovation loan FAQs

How does a renovation loan actually work?

You finance the purchase price plus a renovation budget in one mortgage, underwritten on the home's after-improved value. The renovation funds sit in escrow and are released to your contractor in stages as the work is inspected and completed.

Which renovation loan should I use?

FHA 203(k) is the most accessible on credit and great for owner-occupants. HomeStyle and CHOICERenovation are conventional, allow investment properties and luxury improvements, and carry cancellable mortgage insurance.

Can I use a renovation loan for an investment property?

The conventional options (HomeStyle and CHOICERenovation) allow investment and second homes. FHA 203(k) is limited to primary residences.

Why does this make sense in northern NJ?

Much of the inventory here is older, and updated homes draw the most bidding competition. A renovation loan lets you compete for homes that need work — often at a better price — and finance the upgrades into one loan rather than paying out of pocket.

Our trusted lending partner

Bond Street Mortgage

We work hand-in-hand with Bond Street Mortgage, serving Bergen, Passaic, Morris, Hudson, and Essex counties. Their team coordinates with us from pre-approval through closing.

Talk to the team

Turn a fixer into your home

Reach out and we'll connect you with the right loan path and a pre-approval that holds weight in a competitive market.

(201) 240-5200  ·  chopper@chopperrussoteam.com
Check your buying power

RE/MAX Select — Chopper Russo Team. Thomas "Chopper" Russo, 392 Ramapo Valley Rd, Oakland, NJ 07436. Not a commitment to lend. Loan products, rates, renovation limits, and approval are provided by Bond Street Mortgage and the applicable agency subject to their terms and qualification.

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