HomeStyle® High-Balance Renovation Refinance
Best For: Large Loan Amounts, Home Renovations
Refinance with a budget for renovations for a loan amount above the standard conforming limit, allowing you to turn your house into your dream home.
This loan program is not available in USA
Program Description
As of 2025, there are 152 US Counties considered "high cost" that have varying loan amount limits greater than the normal $806,500 for conventional purchase loans. A HomeStyle® Renovation Refinance allows for the renovation budget to be financed into the loan, creating more flexibility for homeowners to turn their house into their dream home in high cost counties. Renovations can include luxury upgrades, basic repairs, energy updates, and even landscaping!
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HomeStyle® High-Balance Renovation Refinance
Min. Credit Score
620
Min. Equity
5%
Max Loan Amount
$833,750 - $1,209,750
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Rates are typically lower than a home equity loan or line of credit
- Flexibility to use the funds for renovations up to 97% loan to value
- Choose your own contractor
- Financing based on post-renovation property value
- No mortgage insurance options available
- Manufactured housing is eligible
- HomeStyle Renovation loans may not be used to tear down and reconstruct a home
- Limited to 75% of the “as-completed” appraised value
- Mortgage and renovation budget limits
- No reimbursement for sweat equity, unlike the FHA 203(k) program
Renovation Loan Analysis
Up to 75% of price or value
=
Your Estimated Renovation Fund
Renovation loans allow you to finance the cost of repairs and modifications into your home purchase or refinance. By registering for a free account , you can get a better idea of how much you could finance for renovating a home.
Program Availability
HomeStyle® High-Balance Renovation Refinances are available in 19 states, Washington D.C. and the U.S. Virgin Islands.
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“Did you know, any type of renovation or repair is eligible, as long as it is permanently affixed to the property!? That's right!"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Use funds on any renovation project, from updating bathrooms to landscaping
- Renovations and improvements must be permanently affixed to the property
- Available for primary residences, second homes, and investment properties
Additional Conditions
- Renovations should be completed within a 15-month period from the date the mortgage loan is delivered
- LTV ratio is determined by dividing the original loan amount by the “as completed” appraised value of the property
- Borrowers can perform work themselves (conditions apply)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Conventional High-Balance Rate-and-Term Refinance
Best For: Large Loan Amounts, Lowest Rates, Easy Process
Conventional refinancing above the conforming limit in high cost counties with flexible qualification for qualified homeowners.
CHOICERenovation® High-Balance Refinance
Best For: Large Loan Amounts, Home Renovations
Refinance above the conforming loan limits with funds for home improvements and repairs with this convenient and flexible renovation loan program.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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