Get a Boost with Correspondent Renovation Lending

Tight inventory and rising home prices are forcing many homebuyers to consider “fixer-uppers” and simultaneously buy and renovate. As the number of home purchases using renovation loans increases, so does your pipeline. That’s where we come in to help make it easy for you to capture more business in this growing lending segment.

At Plaza we purchase FHA 203(k), Fannie Mae® HomeStyle®, Freddie Mac CHOICERenovation®, USDA and VA Renovation loans - on both a delegated and non-delegated (where we underwrite) basis.

And, with a variety of delivery methods to choose from – Bulk, Best Efforts, Single Loan Mandatory and Bulk AOT – we have the flexibility to fit your needs.

Top off your renovation loans with Plaza’s Certified Loan Program

With any renovation loan we purchase we automatically apply our Certified Loan Program that helps mitigate the financial risk and operational burden that can arise from certain loan manufacturing defects, underwriting errors and borrower fraud – at no additional upfront cost.

We’re ready for you – connect with us at hereforyou@plazahomemortgage.com to get started!


Plaza's Renovation Program Lineup

Fannie Mae® HomeStyle®

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on investment properties; 90% LTV on a 1-unit second home - SFR only
  • 620 FICOs
  • Improvements, including luxury items, that can be completed in six months are eligible
  • Standard and Limited available

FHA 203(k)

  • 620 FICOs
  • High Balance loan amounts
  • 1-4 Unit and Condos
  • Standard and Limited options available
  • Manual underwriting available

Freddie Mac CHOICERenovation®

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on investment properties; 90% LTV on a 1-unit second home - SFR only
  • 620 FICOs
  • Improvements, including luxury items, that can be completed in six months are eligible
  • Standard and Limited available

USDA Renovation

  • Up to 100% LTV for USDA qualified buyers
  • Available for purchase transactions in eligible areas
  • Owner-occupied, detached SFR/PUD
  • 620 min FICO
  • Closing costs and upfront guarantee fee may be financed
    [check program guidelines for all requirements]

VA Renovation

  • Up to 100% LTV on purchase, 90% on refi
  • Up to $50k for repairs -including fees & contingency
  • 620 FICOs
  • Jumbo loan amounts up to $970,800 nationwide
  • Improvements, including luxury items, that can be completed in four months are eligible

Talk to your Plaza Account Executive today to learn more about how we can help you conquer your renovation market.

Not an approved correspondent client yet? Sign up now and experience the Plaza difference.