Can I get a renovation loan and home loan simultaneously?

Yes, and the good news is better than you think: it is not two loans. It is one loan, one closing, one monthly payment, that covers the purchase price plus the renovation budget. These are called renovation or rehab mortgages, and the reason they solve your exact problem is a single underwriting concept that almost nobody explains. A normal lender appraises the house as it sits today, in its beat-up condition, and lends against that. A renovation loan appraises the house as-completed, meaning what it will be worth once the approved scope of work is finished. You borrow against that future number. That is the whole trick, and it is why you do not need cash in the bank for the renovation. Here are the actual products to ask for by name. - FHA 203(k) Limited. For cosmetic and non-structural work, with rehab costs capped at 75,000 dollars. Think kitchens, baths, flooring, paint, roofing, windows, HVAC. No room additions, no moving load-bearing walls. This is the workhorse for most fixers. - FHA 203(k) Standard. For bigger or structural jobs, with a 5,000 dollar minimum repair cost and no separate rehab cap below the FHA loan limit for your county. FHA one-unit limits in 2026 run from 541,287 dollars in the lowest-cost counties up to 1,249,125 dollars in the highest-cost ones. The Standard version requires a HUD-approved 203(k) consultant who writes the work scope, reviews the bids, and inspects each draw. People grumble about the consultant fee. That consultant is also the person who keeps a contractor from walking off with your money. - Fannie Mae HomeStyle Renovation and Freddie Mac CHOICERenovation. These are the conventional equivalents. They follow the conforming loan limits, which in 2026 are 832,750 dollars for a one-unit home and 1,249,125 dollars in high-cost areas, and they generally cap the renovation piece at 75 percent of the as-completed value. They allow a wider range of work than FHA, including some luxury items, and depending on the program and occupancy they can be used for second homes and in some cases investment property. If you have decent credit and can put more than 3.5 percent down, price these against 203(k) before you assume FHA is the answer. - VA alteration and repair loan, if you or your spouse are VA eligible. Same zero-down VA structure with repairs rolled in, but eligible work is limited to livability, safety and utility, most lenders cap repairs around 50,000 dollars, work usually has to finish within about 120 days with a VA-registered contractor, and honestly the hardest part is finding a lender who actually does them. Now the tradeoffs, because these loans are real work: - Bids come first. You need a licensed, lender-approved contractor with a written, itemized bid before you close, not after. Pick your contractor while you are still in escrow. - The money sits in a renovation escrow and gets released in draws as work is completed and inspected. You cannot take the cash and freestyle. - Build a longer escrow. Forty five to sixty days is realistic, and I would write the offer that way rather than promising thirty and asking for extensions. - The rate is typically a bit higher than a plain purchase loan, and there are extra fees for the consultant, inspections and title updates. With the 30-year fixed averaging about 6.69 percent in early August 2026, plan your budget on the assumption you will be somewhat above the headline number. - The as-completed appraisal has to support the total. If it comes in short, you cover the gap or shrink the scope. One thing to skip: buying with a regular loan and then opening a HELOC afterward. On a house that needs a lot of work, the lender may not fund the purchase loan at all until the health and safety items are fixed, and you will have no equity to draw on right after closing anyway. Renovation financing exists precisely so you do not have to run that gauntlet. I am a real estate professional, not a lender, so get pre-approved specifically for a renovation product before you shop, and ask any loan officer how many 203(k) or HomeStyle files they personally closed last year. This is a specialty. An experienced renovation lender is worth more to you than an eighth of a point. I am Zoltan Peresztegi, and I work with buyers in Los Angeles and the South Bay, including plenty who buy the worst house on a good street on purpose. If you are outside my area, I am glad to connect you with a strong agent and a renovation-savvy lender from my network wherever you are shopping. Zoltan

You can do this, but it’s usually not two separate loans at the same time. The cleaner option is a renovation loan that wraps the purchase and repair money into one mortgage. Ask lenders about FHA 203(k), Fannie Mae HomeStyle, or Freddie Mac CHOICERenovation loans. These are made for buying a home that needs work, but they require contractor bids, lender approval, and extra paperwork. A second loan may be possible, but it’s usually harder right when you’re buying because you don’t have equity yet. Start with a lender who regularly does renovation loans, not just a regular mortgage lender.

Not typically. The best avenue for you would be a renovation loan, like a 203K product. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

Yes, through an FHA 203(k) loan or a Fannie Mae HomeStyle renovation loan that rolls purchase and renovation costs into one mortgage. In Citrus Springs, Florida, these work well for fixer-upper homes needing 10 to 30 thousand in repairs. Expect a longer closing timeline, typically 45 to 60 days. Kevin Neely & Kaitlynd Robbins | K2 Sells

Yes — there are loans that combine both into one, like FHA 203(k) or conventional renovation loans (HomeStyle/CHOICERenovation). The renovation funds are rolled into the mortgage.

Yes. Options include FHA 203(k), Fannie Mae HomeStyle, and Freddie Mac CHOICERenovation. These bundle purchase (or refinance) plus renovation costs into one mortgage with one closing and funds released as work is completed.

Absolutely! This type financing was very popular coming out of the housing crash of 2008. Many homes that had been foreclosed on need extensive repairs in order to qualify for a mortgage. You may need to do some lender shopping around to find the right program for you needs. Basically a set amount for the repairs is wrapped up into the final mortgage amount -- that included the purchase price of the home and the repairs. So the homes value is set at what you paid for it plus the repairs. That is the very simplified description -- there are some challenges and hurdles -- but totally possible!