8 Uses for the HomeStyle Renovation Program

Old-fashioned house with lush landscaping

The HomeStyle Renovation loan program is one of the best options for purchasing a house and making necessary repairs or desired upgrades.

Offering affordable financing in one loan, you can get the money you need for not only the purchase of a property, but also the repair, remodel, or renovation. And as you’ll see, it offers more than just the chance to purchase a traditional single-family home.

8 Ways to Use the HomeStyle Renovation Program

1. Primary Single-Family Home Purchase

The most basic use for a HomeStyle Renovation loan is the purchase and renovation of a single-family house. With this loan, you can get financing for a house that fits your specific needs, even if that house requires a few repairs. From repairing the roof to upgrading the kitchen, this program lets you purchase and remodel your home.

The benefit to home buyers is that they get a simple, flexible, and affordable loan that encompasses both the purchase and the renovations. You’ll have a loan that can be delivered before the project starts, giving you greater flexibility for your repairs. If you find the right home for your family, but it simply needs a few extra renovations, the HomeStyle program may be perfect for you.

2. Second Home

Owning a second home can bring many benefits. Perhaps you need a small place in a city where you constantly travel, or where you are always conducting business. Perhaps you have family in a certain area and want a place where you can stay when you visit. Whatever your motivation, if you find a second home that would be ideal for your needs, but it requires a simple touchup or even a complete overhaul, this program may be perfect.

When you use a HomeStyle Renovation loan to purchase a second home, you’ll get all the conveniences that you expect from this program. You could adjust the kitchen or bathroom to your needs, or you could repair the foundation, roof, or siding.

3. Vacation Home

Have you rented a seaside cabin and thought about owning one yourself? Have you ever desired to have a condo right next to the best ski resorts in the country? If you have dreamed of owning a vacation home, perhaps the time is right to finally fulfill your fantasies. Owning your own vacation home brings many benefits, including the potential for rental income and the decreased risk of financial loss due to excellent demand when selling (in most cases). But some vacation homes need to be updated or completely renovated.

Perhaps you found a lakeside cabin, but it needs extensive repairs and mold remediation. Maybe you found a seaside home, but you can’t stand the retro carpet and countertops. With the HomeStyle Renovation program, you can change that almost-perfect vacation home into your favorite destination, and you just might make a purchase that can be passed down for generations.

4. Investment Property (Single Unit Only Unless Owner Occupied)

There are many different investment options available. From stocks and bonds to owning precious metals, you can place your money in a seemingly bottomless pool of options. But few offer the stability, consistency, and reliability of real estate. When searching for investment properties, you may find numerous homes that are lacking in a few different areas.

Perhaps the roof is leaky; perhaps the wiring needs an update; perhaps the siding is cracked. In many cases, investors simply pass on these homes, but if you use the HomeStyle Renovation program, you can purchase these properties and make revisions that will attract more tenants. 

5. Modular Homes

Modular homes are simply houses that were largely built piece-by-piece in a factory setting, then shipped to the building site and assembled. Although they are unfairly considered low-quality and “cheap” by many, modular homes use the same building materials, and meet the same high standards, as any other home, they are simply built in a more efficient and cost-effective manner.

Some lenders avoid modular homes for a variety of reasons, largely due to the exaggerated reputation. But if you find a module home that you would like to purchase and renovate, it’s possible with HomeStyle.

6. Condo Purchases

Condo facility with red exterior
You can use financing from the HomeStyle Renovation program to purchase and upgrade a condo.

Condominium purchase are another potential option with a HomeStyle Renovation loan. Condos are often more affordable, making them attractive to first-time homebuyers and people who simply need a place for themselves. Young buyers fresh out of college, as well as retirees, often appreciate the convenience of condos, but people of any age can enjoy these smaller homes.

When using a HomeStyle loan to make the purchase and renovate a condo, be aware that there could be limitations on what you can do to the property. Discuss all your desired renovations with the HOA before making a purchase.

7. Planned Unit Developments

These types of properties look like townhouses, but they are very similar in nature to condos. They usually have an HOA, communal spaces, and HOA fees, and you may be limited to what types of revisions you can perform.

However, they offer a high level of convenience that you don’t get from a single-family home. With these properties, you can have a living space that is usually larger than a condo but smaller than a single-family home, giving you a nice balance of space and convenience. Once again, check the HOA policy before attempting to make revisions.

8. Refinance Current Loan

Finally, you can also refinance your current loan with the HomeStyle program. This allows you to secure financing for any revisions that you want to make while getting a loan that is more affordable or has terms that better fit your needs.

If you own a home but need to make repairs, and would also like to have a better interest rate or possibly extend the terms, talk to a lending expert about HomeStyle refinancing.

High-Quality Loans, Reliable Service

HomeStyle Renovation loans may be perfect for your specific needs. Contact our staff and we’ll show you the details of this reliable program.

Whether you are purchasing your first home or want to expand your investment portfolio, let San Diego Purchase Loans help with your financing needs.



Excellent service!. Recently purchased a property in Northern San Diego County. Chad and his team were recommended to me to check out. The rate he acquired was a full point & a half better than the Broker I have been using for years. His team was exceptional and did great follow through. Definitely 5 star service!”

“Thank you for all the hard work (even on weekends!) you and your team have devoted to seeing this through in a very efficient manner. It’s been an easy process for me and, you and your team have been a delight to work with.”

Outstanding experience

I was referred to Chad by my Realtor for a purchase of a new house. The experience with Chad and the team (I mainly worked with Juliann) was nothing short of outstanding. From start to finish there were always quick to respond and when needed, notify me of any new documentation that was required. There were very helpful explaining to me the pros and cons of different financing options as well as some other loan related issues, such as termite clearance outside the purchase contact and septic tank certification process. Overall, very knowledgeable and processional team. Loan preapproval was done in a single day and loan documents were ready for signing in 21 days, which was 9 days ahead of schedule. That never happened to me before.