A free, private, educational tool to see which renovation financing may be worth evaluating.
Built by Ken Clark Jr., Certified Mortgage Advisor with PRMG. No contact information required.
Short answer: answer the questions below to see whether FHA 203(k), Fannie Mae HomeStyle, or a fix and flip loan may be worth evaluating for your project. It is educational, not a loan decision.
Answer a few questions about your renovation. Nothing is stored or sent; results appear on this page.
Educational tool only. Results are based solely on what you entered and are not a loan approval, pre-qualification, commitment to lend, or rate quote. Eligibility depends on credit, income, assets, property, project, and program guidelines, and is subject to underwriting. Builder registration is a documentation review for program eligibility, not an endorsement. PRMG is licensed in all states except New York. Nothing you enter here is stored or sent anywhere.
Short answer: it checks your occupancy, budget, type of work, credit range, and plan against the common lines between the programs.
These lines come from HUD Mortgagee Letter 2024-13 for 203(k) and Fannie Mae HomeStyle guidelines. See Limited vs Standard 203(k) for more.
Short answer: each result is a program worth a closer look, with its own tradeoffs.
| Result | Best known for | Learn more |
|---|---|---|
| FHA Limited 203(k) | Smaller, non-structural updates on a primary home, up to $75,000 | FHA 203(k) |
| FHA Standard 203(k) | Structural and larger projects on a primary home, with a HUD roster consultant | FHA 203(k) |
| HomeStyle | Conventional renovation for primary, second, and investment homes; PMI cancellable | HomeStyle |
| Fix and flip | Short-term investor rehab to resell | Fix and flip loans |
| Renovation refinance | Using a refinance to fund renovation work | Renovation refinance |
Short answer: generally not on financed work. PRMG HomeStyle requires a hired contractor, and 203(k) generally requires a contractor as well.
The lender reviews the contractor's license, insurance, and bid as part of the loan file. HUD does not approve 203(k) contractors. Details: 203(k) contractor requirements. Investors doing their own work may find more flexibility on some fix and flip programs.
Short answer: it depends on your credit, your occupancy, and what is on the scope of work.
For a primary home with modest credit and a practical scope, 203(k) is often the natural fit. When credit is stronger, when it is a second home or rental, or when the scope includes something 203(k) will not cover, HomeStyle often pulls ahead. My advice: get a real contractor bid before you fall in love with a house. The bid drives everything, including which program makes sense. Compare them side by side in 203(k) vs HomeStyle.
Short answer: get a contractor bid, then book a scenario review.
Answered by Ken Clark Jr., Certified Mortgage Advisor. Program availability and requirements vary and are subject to change.
No. It is an educational tool that shows which structures may be worth evaluating based on what you entered. Eligibility is subject to underwriting and program guidelines.
No. It runs in your browser and does not collect personal information.
Limited 203(k) covers non-structural work up to $75,000 with an optional consultant. Standard 203(k) allows structural work, has a $5,000 minimum, and requires a consultant from the HUD roster.
No. FHA 203(k) is for primary residences. HomeStyle allows second homes and investment properties.
Luxury items such as a new pool are not eligible under FHA 203(k). HomeStyle may allow them, depending on guidelines.
PRMG HomeStyle requires a hired contractor, and 203(k) generally requires a contractor. Some investor programs may offer more flexibility.
Renovation costs can be up to 75% of the lesser of the purchase price plus renovation costs or the as-completed value.
PRMG is licensed in all states except New York, so these PRMG programs are not available for New York properties.
Guidelines change. Verify current program requirements with Ken Clark Jr. before relying on them for a transaction.
Disclaimer: This content is for educational purposes only and is not a commitment to lend, a guarantee of approval, or a rate quote. Loan programs, down payment requirements, terms, and eligibility depend on borrower, property, project, builder, and program qualifications, are subject to underwriting, and vary by state. Not all applicants or projects will qualify. Builder registration is a documentation review for program eligibility and is not an endorsement of any builder. Equal Housing Opportunity. Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243. Ken Clark Jr., NMLS #225375. PRMG is licensed in 49 states, excluding New York.
Certified Mortgage Advisor and Branch Manager at PRMG Mortgage (NMLS #75243). 28 years in mortgage lending. Specializes in FHA, VA, conventional, DPA, jumbo, Non-QM, renovation, and construction financing for buyers and investors in Sacramento, New Jersey, and nationwide. PRMG is licensed in 49 states, excluding New York. Three-time Gold Award winner for Highly Reviewed Mortgage Team in Sacramento (2023, 2024, 2025). NMLS #225375.
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