A mortgage that combines the cost of buying or building a home with funds for renovations or construction, creating one streamlined loan and payment.
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Renovation and construction loans are specialized financing options that let you purchase, improve, or build a home—while rolling the costs into a single mortgage. Whether it’s transforming a fixer-upper with an FHA 203(k) or Homestyle Renovation loan, or creating your dream property with a one-time-close construction loan, these programs give you the flexibility to finance both the home and the work in one package. Funds are released in draws as the project progresses, keeping construction or renovation on track and ensuring that payments align with completed work. This structure allows buyers to tackle repairs, upgrades, or ground-up builds without draining their savings or taking out separate loans.
These loans open doors to properties and opportunities that traditional financing might overlook. You can buy the “worst house on the best street” and turn it into your perfect home, or start fresh with a custom build designed to your exact specifications—all without juggling multiple closings or loans. Because the renovation or construction costs are built into your mortgage, you gain the convenience of one monthly payment, competitive rates, and the potential to boost your property’s value from day one.
Elliman Capital’s lending experts specialize in guiding borrowers through the unique process of renovation and construction financing. From creating realistic budgets to coordinating with contractors and managing draw schedules, we ensure every detail is handled smoothly. Start with our quick online application, and let’s turn your vision into a fully financed reality.
