Loan program
Rehab Loan
Finance the purchase and renovation of a home in a single mortgage.
A rehab loan (FHA 203(k) or Conventional HomeStyle) lets you wrap renovation costs into your mortgage — perfect for fixer-uppers and dated properties with great bones.
The right rehab loan can turn a tired listing into your dream home. Whether it's a 1980s kitchen, a leaking roof, or a full structural overhaul, a rehab mortgage finances the work in one closing.
Two main programs serve most borrowers: the FHA 203(k) for low-down-payment and flexible-credit scenarios, and the Fannie Mae HomeStyle for stronger credit profiles and luxury-friendly renovations.
Evergreen Ridge Financial Group has a dedicated rehab lending team that has guided hundreds of buyers through bids, draws, and inspections. We make rehab financing feel as smooth as a standard purchase.
What it gives you
One Loan, One Close
Combine purchase price and renovation budget into a single mortgage.
Low Down Payment
FHA 203(k) requires only 3.5% down on the total project cost.
Renovate To Your Taste
Kitchen, baths, additions, roof, HVAC — most improvements are eligible.
Use The After-Renovation Value
Loan is based on the home's post-renovation appraised value.
How it runs, start to finish
- 1
Estimate Scope
A licensed contractor provides a renovation bid.
- 2
Apply
We underwrite based on contractor bid and after-repair value.
- 3
Close & Begin Work
Renovation funds are held in escrow and released as work completes.
- 4
Final Inspection
Final draw released after city inspection sign-off.
Questions people ask about this one
What's the difference between 203(k) and HomeStyle?
203(k) is FHA-backed (lower credit OK, 3.5% down). HomeStyle is Fannie Mae conventional (better rates, no MIP at 20% down).
Can I do the work myself?
Generally no — most rehab loan programs require licensed contractors.
How long does work need to finish?
Typically 6 months from closing, with extensions available for larger projects.
Are luxury items covered?
No — pools, outdoor kitchens, and luxury upgrades are excluded from FHA 203(k). HomeStyle is more flexible.
Programs people look at next
The first step is a conversation, and it costs nothing.
No documents, no credit pull, no obligation afterwards. Just somebody explaining the part you are stuck on.
Or call(503) 555-0175and ask for whoever is free.
