renovation financing


What is RENOVATION Financing?

Renovation financing refers to loans that allow the borrower to use some of the financed money to make updates to the home they are purchasing. Depending on the type of financing chosen, your renovation loan may be a private loan or backed by the federal government. You’ll need decent credit to qualify for each of the options listed below.

Fannie Mae’s HomeStyle® Loan

With this type of private loan, you can either buy a home that needs improvements or refinance with a new mortgage in order to make updates to your current home. Unlike the FHA 203(k) loan, this can be an investment property or second home, though these require a higher downpayment. The funds for the repairs are held in an escrow account and are paid directly to the pre-approved certified contractor. You’ll be required to make at least a 5% downpayment, and all financing will be based on the post-renovation value of the home. If you put down less than 20%, you’ll still need to take out Private Mortgage Insurance (PMI).

Standard FHA 203(k) Loan

This government-insured loan has a lower minimum credit score than the HomeStyle® loan as well as a lower downpayment requirement – as little as 3.5%. You’ll be required to hire a qualified 203(k) consultant who will be involved from the beginning planning phase to the very end of the renovation.  This is actually a benefit, as the consultant will serve as a project manager and help make decisions, assess costs, and ensure the work is being done in a timely fashion. Like any FHA loan, you’ll be required to pay the upfront mortgage insurance premium of 1.75% as well as the annual premium around 0.85%.

Limited FHA 203(k) Loan

This type of loan is capped at $35,000 and is designed for cosmetic improvements or upgrades rather than a full fixer-upper. It is not meant to be used for homes that have structural or foundational problems. If you can accomplish the improvements you need for under $35,000, this may be the right loan for you.

Benefits of Renovation Financing

A big advantage for choosing this type of financing over a separate home improvement loan is that you only have one loan for both the purchase of your home and the repairs. This means less paperwork, one monthly payment, and only one set of closing costs.

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904-338-9356 to talk to a loan originator today.
Ready to Get Started?
Call our offices at 904-338-9356 to talk to a loan officer today.
MEET YOUR LOAN Originators


"We have been working with Atlantic Trust Mortgage over the past decade and Scott continues to exude professionalism at the highest level. Scott delivers exceptional customer service to our customers every time. Great communication, fast response time, and his endless optimistic attitude is why we recommend Scott to anyone we team up with in the real estate business.”

– The Welch Team

“Wade is a leader in the mortgage industry. His top priority is the customer always. He can be reached seven days a week and He is incredibly Knowledgeable about the market trends. Wade goes above and beyond to ensure the customer is kept up to date and understands the entire process through to the closing table. Hands Down, Wade is my go to guy both professionally and personally for all of my lending needs!“ 

– Bailey Jordan, Realtor with Navy to Navy Homes

"Marty with Atlantic Trust Mortgage has been an absolute pleasure to work with. He is a responsive and experienced mortgage veteran who gets the job done, no matter how difficult the transaction. I highly recommend Marty as a preferred lender.”

– Jon Brooks, The Brooks Group

“Wade is my go-to lender for all my buyer customers.  All it takes is a few minutes on the phone with Wade, and you'll see why.  He's extremely knowledgeable and a true pleasure to work with, from start to finish.   Unlike many lenders who work for the big banks, he is always available via text/email/phone.  He treats my customers with respect and makes sure that they understand the process.  He is an all-around awesome guy and I recommend him with 5 stars!!!” 

– Whitney Spinks, Realtor with Yellowfin Realty

"Friendly, knowledgeable, and responsive.  Wade and his team have demonstrated over and over again that they can make it happen! As Realtors, it’s important to us to work with a lender who is as equally as dedicated to providing quality service to our customers. Thank you, Atlantic Trust Mortgage, for your dedication to quality and efficient service!"

– Joy Doyle & Lara Yehl, Co-Founders of Hover Girl Properties

“Wade is the best, hands down. Wade is quick, responsive, and eager to help every client referred to him. He has multiple mortgage options to provide you with the lowest rates available. I work with Wade to provide his new clients with insurance, from a locally owned agency.  I am honored to call Wade a friend and business partner.”

– Chris Crafton, Agency Owner of We Insure

"We would like to thank you for all your help and professionalism during the entire Post transaction. You're both amazing professionals and it's always a pleasure working with your team! Our goal is to continue acquitting real estate in Jacksonville area and are already looking forward to working with your team on our next investment deal.Please know that we value your service and will be happy to send more business your way."

– Evelyn and Kyle

“I have yet to see any lender beat ATM’s rates!  When I first started in real estate I went through 7-8 different mortgage companies before finding Atlantic Trust Mortgage.  Every lender before would mess something up by not doing enough research on the front end and the transactions would blow up in our face weeks before closing.  That has NEVER happened with Atlantic Trust!  They are very reliable and have amazing rates!!  Thank you to Scott Goldstein and the entire team at Atlantic Trust Mortgage for helping many of my customers and for helping me with my business as a realtor!”

– Alex Norkus, Realtor with Keller Williams

I worked closely with Kyle for a home loan on my first rental property in Jacksonville, FL. He was very supportive and easily accessible, especially when it came to very last minute issues that had to be resolved. I would receive a fast response on any questions I had and provided solutions to loan issues that arose.  I thank Kyle for putting up with my inquiries and am very thankful for his guidance throughout the loan process. I intend to work closely with him on my next rental property and I’m sure Kyle will be ready to make things happen so that my loan closes on time and per schedule so I’m overall successful with the rental deals I try to close. Again, I am very thankful and look forward to working with Kyle again. Thank you for helping me close that deal.

– Christopher M., Real Estate Investor from Monterey Bay, California