Name: Luminate Bank
Telephone: (765) 450-8933

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window.open('https: Renovation Loan Options Fannie Mae HomeStyle® Renovation Conventional purchase-plus-rehab for primary, second home, or investment — pools allowed, 15-month completion, DU only Freddie Mac CHOICERenovation® Conventional rehab for primary, second home, or investment — pools allowed, LPA Accept underwriting, and up to 97% LTV with eligible Home Possible. Luminate Bank Interim Renovation Loan Short-term interest-only construction financing for major renovations and fix-and-flip before permanent financing or sale. Low Down Payment Renovation Loans FHA 203(k) Primary-residence rehab with as little as 3.5% down — buy and renovate a fixer-upper with one FHA loan. Full Standard for major work or Limited Streamline for cosmetic updates up to $75,000. FHA 203(k) Overview Full Standard Limited Streamline HomeReady® HomeStyle® Renovation Primary-residence rehab with as little as 3% down — HomeReady income-eligible buyers who want HomeStyle renovation in one conventional loan. Home Possible Freddie Mac CHOICERenovation® Primary-residence rehab with as little as 3% down — Home Possible income-eligible buyers who want Freddie Mac CHOICERenovation® in one conventional loan. Compare Renovation Loans Side-by-side comparison of all six renovation programs — see minimum loan amount ($100,000), renovation cost limits, consultant requirements, max draws, minimum credit scores, down payment, occupancy, and what each loan is built for before you estimate your payment. Feature Fannie Mae HomeStyle® Freddie Mac CHOICERenovation® Luminate Interim Renovation FHA 203(k) HomeReady® HomeStyle® Home Possible CHOICERenovation® The smallest total loan size this lender/program will fund. Every program shown here starts at $100,000. $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 The smallest rehab budget the program will finance. Some programs have no floor; others require a minimum repair package. None None $50,000 Standard: $5,000 · Limited: none None None The upper limit on financed repairs — often a percent of after-repair value (ARV), a dollar cap, or none depending on the program. None Standard: none · Limited: $75,000 Whether a renovation or HUD 203(k) consultant must prepare the work write-up and help manage draws. Conventional programs often require one only in certain states; FHA Standard always requires a HUD-approved consultant. AK/CA/HI/NY only AK/CA/HI/NY only Not required Standard: required · Limited: none AK/CA/HI/NY only AK/CA/HI/NY only How renovation funds are released from escrow. A draw pays the contractor after an inspection confirms completed work. Most permanent programs allow five draws plus a final inspection; Interim allows up to two draws per month. 5 + final 5 + final 2 per month Standard: 5 · Limited: 2 5 + final 5 + final The typical lowest middle FICO many lenders accept for that program. Overlays, LTV, and pricing can raise the practical floor. Conventional renovation usually starts near 620; FHA often near 580 for 3.5% down; Interim steps up for larger loan amounts. 620 620 700 · 720 above conforming 580 (3.5% down) 620 620 The smallest cash down payment typically allowed for a purchase on that program (refinance may differ). Actual down payment depends on occupancy, credit, and underwriting. 5% 5% Varies by deal 3.5% As low as 3% As low as 3% The mortgage category backing the rehab — conventional (Fannie/Freddie), FHA, or short-term interim construction financing that later converts or pays off. Conventional Conventional Interim construction FHA Conventional Conventional Who can live in (or own) the property under the program — primary residence, second home, investment, or fix-and-flip uses. Primary, second home, investment Primary, second home, investment Primary, investment, fix-and-flip Primary residence Primary residence Primary residence Whether household income must stay under a program cap (common on HomeReady® and Home Possible®). “None” means no income ceiling for that product. None None None None Yes (HomeReady®) Yes (Home Possible®) Extra coverage lenders require when you put less than 20% down (PMI on conventional) or on FHA loans (MIP). Short-term interim loans typically do not use PMI/MIP. PMI if under 20% down PMI if under 20% down Typically none (short-term) FHA MIP required PMI if under 20% down PMI if under 20% down Program highlights that set this option apart — pools, underwriting path, interest-only draws, Limited vs Standard, or income-eligible pricing. Pools allowed; ~15-month completion; DU only Pools allowed; LPA Accept Interest-only draws for major rehab before permanent financing or sale Full Standard or Limited Streamline (up to $75k cosmetic) HomeStyle rehab + HomeReady income-eligible pricing CHOICERenovation rehab + Home Possible income-eligible pricing The borrower profile or project type this program usually fits best — a quick guide, not a guarantee of approval. Flexible rehab on any occupancy type Conventional rehab with Freddie Mac underwriting Large projects and fix-and-flip Lower down payment & more flexible credit Income-eligible buyers wanting 3% down + rehab Income-eligible buyers wanting 3% down + rehab Guidelines vary by credit, property, and underwriting. Hover or tap each feature name for a short definition — and ARV / MH in Max. Renovation Costs for those abbreviations. Renovation Loan Calculator Estimate your total loan amount and monthly payment for a home purchase plus renovation project. Loan Purpose Purchase
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