• (651) 552-3681

    Home Purchase - Home Refinance
    Serving MN WI IA ND SD CO FL

    Upload Documents Cambria Mortgage app
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  • 203k and HomeStyle Renovations Loans

    There are many homes in the market that are a diamond in the rough. With a little vision, elbow grease, and a little money, many of these homes can be restored to their former glory, and then some.

    Having the money to repair homes, or bring them up to code is just out of the reach of many people. In steps renovation loans, which allow you to both buy the home, and get the money to update, improve, or renovate a home in need of a little TLC.

    You can also use the loans to improve your existing home. The best part of the rehab loans is is is based on the future value of the home (after repairs value), versus a standard home equity loan, which is based on the current value of the home.

  • There are two primary ways to purchase a home and get the money to improve the home.

    Click the links to learn more

    FHA 203k

    FHA's very popular 203k rehab loan allows you to buy a home and get the money for repairs all in one loan. There are two versions of the program:

    1) Streamline 203k (smaller projects, amounts under $35,000)

    2) Full 20k (larger projects, amounts over $35,000

    Click here to visit our detailed FHA 203k page.

  • Fannie Mae HomeStyle Renovation Loan

    The Fannie Mae Homestyle rehab loan is very similar for the older FHA 203k rehab loan. Both rehab loans allow you to purchase and get the money to repair a home in one loan.

    Go to The HomeStyle Renovation Loan Page

    Both programs are extremely similar, and the information on for both renovation loans are very similar. 

    HomeStyle is not automatically better than a 203k loan, and a 203k loan is not automatically better than a Homestyle rehab loan.  Talk to one of our experienced rehab loan experts to determine which rehab loan may be better in your individual situation.

    Two main differences for HomeStyle vs FHA 203k:

    1) Higher Loan Limits in many areas compared to FHA loans. For example, in the Twin Cities area of Minneapolis and St Paul (where my office is located), the maximum FHA loan is $448,400 for a single family home, while the maximum conventional loan is $647,200 (current as of Nov 2022).

    Click here to see Loan Limits where you live.

    2) Repair requirements are slightly different. Homestyle is a conventional loan, and therefore some items that may be a mandatory repair for the FHA 203k, like peeling paint, are not mandatory repairs on a conventional loan.

    For example, on any home older than 1978, there is possible lead in the house paint. Any peeling paint is required to be fixed as part of the rehab on an FHA loan, while the HomeStyle loan does not care about peeling paint.

    3) FHA 203k down payment is just 3.50%, while HomeStyle is 3%, but you get much better deals with 5% down (or more)

  • ** EXPERIENCE MATTERS **

    Top rated mortgage lender locally and nationally, year after year... This is because clients agree - Experienced Loan Officers with mortgage interest rates you can brag about and amazing service clearly sets us apart from the big banks and online lenders.

  • Equal Housing Lender. The Joe Metzler Team at Cambria Mortgage lends in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. Joe Metzler, NMLS 274132, Cambria Mortgage NMLS 322798. © 1998 - 2025.

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