The Benefits of Renovation Loans

When it comes to purchasing a home, finding one that checks all the boxes can be difficult—especially in a low-inventory market. So, how do you overcome those deal breakers and get into your dream home more quickly? Don’t sweat it, renovate it!

Many borrowers are unaware that there are programs available not just to purchase a home but also to include renovation costs in the same loan. Whether you're eyeing that charming fixer-upper or can’t seem to find the perfect match during your home search, renovation loans offer a compelling solution to bridge the gap between your vision and reality.

At Northpointe Bank, we offer several renovation loan programs—each designed to fit a variety of home improvement needs, from minor cosmetic updates to major construction projects.

Northpointe Bank Renovation Loan Options

HomeStyle® Renovation

Ideal for small additions or a complete home remodel. This one-time close option allows for up to 12 months to complete the work. Include up to 75% of the as-completed appraised value in your home loan for renovations.

Construction & Renovation

Gutting an entire house or adding a major addition? Northpointe Bank’s construction loan offers one loan, one low rate, and one set of closing costs—simplifying the process from start to finish.

FHA 203(k)

Finance renovation costs based on the home’s future improved value with one low-cost loan. This program offers low down payment options and up to six months to complete renovations.

CHOICERenovation®

A more streamlined program ideal for full-scale renovations or structural improvements that must be completed within 365 days.

CHOICEReno eXPress®

Great for fixer-upper repairs or design improvements that can be completed within 150 days.

What if You Want to Renovate Your Existing Home?

Good news; you can use these same renovation loan programs to upgrade your current home. Another option is to consider a cash-out refinance.

Cash-Out Refinance

For homeowners who have built up equity in their property, a cash-out refinance can be an effective way to access funds for renovations. By refinancing your existing mortgage and borrowing against your equity, you can secure a lump sum to finance improvements—whether it’s a kitchen remodel, bathroom upgrade, or adding extra living space. This option offers flexibility regarding loan amounts and repayment terms, making it suitable for a variety of renovation projects.

Get Started on Your Dream Home Today!

In conclusion, renovation loans offer a powerful way to transform your current or future home—helping you personalize your space, increase value, and achieve your vision without juggling multiple loans. With Northpointe Bank’s variety of renovation programs, you can bundle the purchase and renovation costs into one manageable loan and get started with confidence.

Don’t settle—renovate your way to your dream home with Northpointe Bank.