Home Improvement Loan Options

A home represents one of the most significant investments most people ever make. The down payment, mortgage, and additional costs like utilities represent a large chunk of a homeowner’s budget. Further investments in the home, like repairs and renovations, can add tremendous value to your property. However, they can cost upwards of tens of thousands of dollars.

At J.G. Wentworth, we provide home improvement loan options that help countless homeowners afford home improvements every day. These loans can even help first-time homebuyers purchase homes that require extensive renovations. We have designed streamlined processes that make both applying and closing convenient and fast. Our loans maintain low interest rates and come with no points. All of these factors combine to make us the ideal company to help you with your home improvement goals.

What are home improvement loans?

Depending on their goals and financial needs, customers can choose from a number of home improvement loan options. Each of these options helps homeowners to make large-scale repairs and renovations by lumping the associated costs in your mortgage.

HomeStyle™ Renovation Mortgage

This loan, available through Fannie Mae, provides homebuyers an economical way to fund renovations to both new and existing homes. Whether you are purchasing a new home or performing a cash-out refinance, you can choose between a 15 and 30-year fixed-rate mortgage or an adjustable-rate mortgage.

FHA 203k Loans

The FHA, or Federal Housing Administration, provides several other loan options referred to as Section 203(k). These perform the same function as the renovation mortgage provided through Fannie Mae but come with some different requirements. FHA loans can only be applied to primary residences. You may also qualify with a lower income and credit score than you would need for the HomeStyle™ Renovation Mortgage. There are two major types of FHA loans:

  • FHA 203k Standard - This variation of the 203k loan is intended for homes that need major renovations, as in structural work that renders the property uninhabitable until construction is finished. Borrowers may add up to six months of mortgage payments to this type of loan.
  • FHA 203k Streamlined - The “streamlined” 203k loan is preferable when mild to moderate cosmetic repairs or renovations are needed. The maximum cash amount that can be applied to construction work from this loan is $35,000.

What can I expect when I apply?

We designed our application process to be as quick and convenient as possible. The process remains similar across most home improvement loan options.

  1. Decide on your renovation or repair project.
  2. Compare your loan options.
  3. Find a contractor.
  4. Get bids for the contracted work.
  5. Submit all the relevant information to J.G. Wentworth -- one of our home loan specialists can assist you with this step.
  6. Sign the final documents and close the loan.
  7. The contractor completes the quoted work.

Get a Rate Quote Today

J.G. Wentworth’s proven track record of exceptional customer service has cemented our status as a leader in the industry. We are proud to have earned an A+ rating with the Better Business Bureau. As a direct lender, we have all the resources necessary to help you achieve your renovation and repair goals.

To learn more about all the home improvement loan options available to you, contact one of our home loan specialists or check out our mortgage FAQs. Ready to apply? Get a rate quote today.

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How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.