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Government-Backed Renovation Loans

FHA, Fannie Mae, and Freddie all have renovation products for consumers. These products are similar and only have small differences. Each product allows you to purchase or refinance a house for renovation purposes. The down payments are all within the 3%-4% range. FHA allows for the lowest credit score at 580, but many lenders do not accept that score. Both Fannie Mae's and Freddie Mac's minimum credit score is 620. There are more differences on each tab. 

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FHA 203K Renovation Loan

  • Down payments as low as 3.5%

  • Minimum credit score of as low as 580. Lenders may require a higher score

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Fannie Mae Homestyle Reno Loan

  • Down payment as low as 3%

  • Minimum credit score as low as 620. Lenders may require a high credit score.

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Freddie Mac Choice Renovation Loan

  • Down payment as low as 3%

  • Minimum credit score as low as 620. Lenders may require a high credit score.

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