Construction/Renovation Loans

Renovation loans are for properties that might need a little attention and improvements before becoming homes of the home buyers’ or homeowners’ dreams. Offering both purchasing and refinancing options, Renovation loans are one loan that includes the costs of renovation with the mortgage amount. The total loan can be financed at a fixed rate. Depending on the situations and plans, there are several options available for borrowers to consider.

Renovation Loan Programs with Sunshine Financial Group

FHA 203K Full

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FHA 203K Limited 203K(s)

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Construction to Permanent Financing

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Insured by the Federal Housing Administration, the FHA 203K Full Mortgage allows for the purchase or refinance of a home which needs major structural and/or cosmetic repairs and renovations. With this loan, the home must be your primary residence. Approved lenders, like First Choice Loan Services, provide the funds for the purchase or refinance of the home and the full cost of repairs in one loan. When purchasing your home, the FHA 203K Full Mortgage offers a fixed rate with a required down payment.

FHA 203K LIMITED [203K(s)]

Similar to the FHA 203K Full Mortgage, the FHA 203K Limited (203K(s)) is also insured by the Federal Housing Administration but has a bit more limitation since it allows for cosmetic repairs. Repairs are also limited to a maximum of $35,000 which must include a contingency reserve and all fees. The loan includes ‘streamline’ in its name because the lower maximum allowable repairs mean the process is a bit simpler and more ‘streamlined’ than other Renovation Loans.

The 203K(s) also are available for purchase transactions and refinances.


The HomeStyle® Renovation Loan programs are used on conventional loans for repairs that are both required by the appraiser or desired by the borrower. Whether structural or cosmetic, the repairs must be attached to the property and be determined to add value to the home. Appliances can only be included within the Renovation Loan amount when they are a part of a full kitchen remodel.

For example, a dishwasher and stove could be included as long as kitchen countertops and cabinets are also being remodeled. The HomeStyle® Renovation Loan program can also be used on second home and investment properties. *HomeStyle® is a registered trademark of Fannie Mae.


The construction to permanent program is designed to provide financing options for borrowers who already own a parcel of land they would like to build a home on or if they are purchasing the land and the actual construction of the home from a builder. This program allows borrowers robust financing options up to conforming loan limits. First Choice Loan Services provides internal builder approval and draw management to ensure a smooth process.

We Look Forward To Working With You

Our mission is to help you find a smooth, stress-free and efficient mortgage loan according to your needs, by offering you the latest in financial tools that enable you to make sound financial choices.

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