A renovation loan can give you more flexibility when the home you want needs some work. Instead of limiting your search to properties that are already finished, you may be able to finance eligible improvements as part of your mortgage. Depending on the loan program, renovation financing can be used for projects ranging from kitchen and bathroom updates to repairs, energy improvements, additions, and other eligible upgrades. Some programs can be used when purchasing a home, while others may also allow you to renovate an existing home through a refinance. The renovation process does require additional planning. You'll typically need to provide details about the work, costs, and contractors, and the lender may use an appraisal that considers the home's expected value after the improvements are completed. If you're considering a home that needs more than a fresh coat of paint, we'll help you understand your financing options and determine whether a renovation loan fits your plans.