Turn your vision into a reality.
A renovation loan is a convenient, single loan that combines your home's purchase price and home improvement expenses all in one loan.
Financing is based on the value of the home after you make the improvements, so you're not limited by the amount of equity currently available to you. M&T's renovation mortgage loans offer low down payments, low closing costs and a variety of loan terms.
Renovation loans can be used for a wide range of home improvements, including:
- New kitchen or bath
- And much more
Home Renovation Loan Options
FHA 203(k) Renovation Mortgage
The FHA 203(k) features a low down payment and low closing costs. You can finance a variety of home improvements and choose from short- and long-term fixed rate as well as adjustable rate mortgages.
Fannie Mae HomeStyle Mortgage
An FNMA HomeStyle Mortgage offers larger loan sizes for homes in need of renovation, repair or remodeling.
SONYMA Remodel New York
Offered by the State of New York Mortgage Agency (SONYMA) in New York State, this program features a competitive interest rate for first time buyers purchasing a home in need of improvement. Down payment assistance is available. Borrowers are required to meet income and purchase price limits.
Renovation Mortgage Video
Sometimes when homebuyers find the house they've fallen in love with, it may be in need of some updates/renovations. M&T offers homebuyers renovation financing options that allow for the purchase and renovation of a home in one easy step.
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Take the next step.
For more details on renovation mortgage programs, please contact us today.
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