Home Buyer Learning Center
Understand the renovation process before you buy.
Buying a home that needs work doesn’t have to be confusing. We’ve created this resource to help you understand the basics of 203(k), HomeStyle Renovation, and the renovation process.
203(k) basics
FHA 203(k) is a renovation mortgage program insured by the Federal Housing Administration. It can allow eligible buyers to finance a home and qualifying renovation costs together in one mortgage.
There are two types. Limited 203(k) generally covers less extensive, non-structural improvements. Standard 203(k) covers larger-scale rehabilitation and typically involves a HUD 203(k) consultant.
The renovation is planned and estimated before closing, then completed after you buy, with inspections tied to payments (called draws) along the way.
HomeStyle basics
HomeStyle Renovation is a Fannie Mae conventional mortgage option. It can allow eligible buyers to combine a home purchase and qualifying renovation costs in one loan.
How it differs from 203(k): 203(k) is FHA-insured, while HomeStyle is a conventional loan. Each has its own rules for eligible properties, improvements, and borrowers. Your lender can explain which may fit your situation.
The renovation process
From finding the home to finishing the work. Your lender’s steps may vary.
Find the home
Identify a property that has the potential you want.
Tell us what needs to be done
Share the property details, inspection report, photos, plans, or scope.
Develop the renovation scope
We review the project needs and determine the work involved.
Get your estimate
We prepare the renovation estimate based on the available project information.
Work with your lender
If renovation financing is involved, your lender handles financing requirements and approvals.
Begin the renovation
Once the project is ready to proceed, construction begins.
Complete the project
We complete the approved renovation work according to the project scope.
10 questions home buyers ask
What is an FHA 203(k) renovation?
FHA 203(k) is a renovation mortgage program insured by the Federal Housing Administration. It can allow eligible homebuyers to finance a home purchase and qualifying renovation costs together in one mortgage. Your lender determines eligibility and loan terms.
What is HomeStyle Renovation?
HomeStyle Renovation is a Fannie Mae conventional mortgage option that can allow eligible homebuyers to combine a home purchase and qualifying renovation costs in one loan, subject to program and lender requirements.
What’s the difference between 203(k) and HomeStyle?
203(k) is insured by FHA. HomeStyle is a conventional loan option through Fannie Mae. The programs have different requirements for things like eligible properties, eligible improvements, and borrower qualification. Your lender can explain which may fit your situation—either way, we focus on the renovation scope and estimate.
Can you give me an estimate before I buy the house?
Yes. Many buyers request an estimate while looking at a property, making an offer, or under contract. We base it on the information available—such as the listing, photos, and inspection report—and may need to see the property to finalize it.
What if I don’t know exactly what renovations I want?
That’s common. Tell us what needs attention and how you’d like the home to feel. We’ll help you shape a practical scope based on the property’s condition and your priorities.
What happens after I request an estimate?
We review the property details and documents you sent, then contact you about the next step—usually to discuss the project, ask follow-up questions, or arrange to see the property.
Can I use my home inspection report?
Yes, and we recommend it. An inspection report shows needed repairs early, so the renovation scope and estimate reflect the property’s actual condition. You can upload it with your request.
What types of renovations can you do?
Kitchens, bathrooms, basements, flooring, roofing and exterior work, windows and doors, painting, and general home improvements—on their own or combined into a whole-home renovation. See all services.
How long does a renovation take?
It depends on the scope of work, material availability, and—for renovation-financed projects—lender, inspection, and draw schedules. We discuss an expected timeline once the scope is defined. Timelines can change as work progresses, so we don’t guarantee completion dates.
How do I get started?
Request an estimate and upload any documents you have, such as an inspection report or photos. You can also call us at 240-319-1890.
203K Home Style is a general contractor and renovation company. We do not provide mortgage or lending services. FHA 203(k) and HomeStyle Renovation have specific program and lender requirements. Financing eligibility and loan terms are determined by the applicable lender. The information on this page is general and educational; it is not mortgage, legal, or financial advice.
Request your renovation estimate
Have a property in mind? Send us the details and any documents, and we’ll contact you about the next step.