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Explore renovation financing before ruling out a home that needs work

A home can fit your location and space needs while still requiring repairs. Eric’s renovation financing clip suggests asking whether eligible improvements can be included in the mortgage rather than assuming every project needs separate borrowing.

By Eric Hamilton · Published October 7, 2026

Originally uploaded August 22, 2023 · 0:59 · Watch on YouTube

Written companion added October 7, 2026. Adapted from Eric’s video captions with source checks; not a word for word transcript. The recording retains its original date.

Match the financing to the work

The recording distinguishes cosmetic changes, larger renovations and energy improvements. Those categories help organize a conversation, but they are not a universal three program system. Prepare a specific scope of work and ask which available loan can cover it. A lender needs more detail than a general plan to update the house.

Understand the project process before committing

Fannie Mae’s HomeStyle Renovation materials describe submitting plans, lender review, an appraisal based on completed work and a process for releasing renovation funds. That is one program example, not the procedure for every renovation loan. Ask about contractor review, contingency money, inspections and completion deadlines for the actual financing being offered.

Compare cost and living arrangements

The video says renovation financing can be more affordable than adding debt later, but that needs a case specific comparison of rates, fees and repayment terms. It also describes moving in after work is complete. Confirm whether the home can be occupied during the project, how temporary housing will be paid for and which occupancy types the program permits. Do not assume every program covers a primary home, second home and rental property on identical terms.

Can renovation costs sometimes be included in one mortgage?

Yes, through eligible programs, subject to borrower, property and project requirements.

Can I use any contractor and move in whenever I want?

Ask for the lender’s contractor, completion and occupancy rules before agreeing to a project timeline.

Sources and scope

Adapted from captions of the video published 2023-08-22. Statements about rates, inventory, programs or events describe the original recording and are not a current quote or availability promise.

  1. Fannie Mae: HomeStyle Renovation Accessed October 6, 2026

General education, not a loan quote, approval or an individual recommendation. Ask the appropriate professional about your situation.

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