The short answer
A renovation mortgage can combine purchase or refinance financing with eligible improvement costs. The program determines allowed work, contractor requirements, inspections, fund disbursement, and completion deadlines.
Mortgage guidance with Jennifer Reich · NMLS 162239
A home that needs work calls for a financing plan as well as a repair budget. Some renovation options consider the property's expected value after approved improvements.
Ask about project eligibility before signing contractor agreements. Cosmetic updates, structural work, and major rehabilitation may be treated differently by different programs.
How is the renovation budget reviewed?
The lender may review contractor qualifications, itemized bids, timelines, permits, and contingency funds. Repairs are usually completed under program-specific controls rather than by handing the borrower unrestricted cash.
Discuss where you will live during the work, how change orders are handled, and what happens if the project costs more than planned.
Who may want to explore it
- Buyers considering a home needing eligible repairs
- Homeowners evaluating improvements through a refinance
Documentation & eligibility
- Itemized contractor bids and project scope
- Property and purchase or refinance details
- Income, assets, and contingency-fund documentation
Benefits
- May combine mortgage and eligible renovation financing
- Can support a plan based on approved improvements
Tradeoffs
- Not every project or contractor qualifies
- Inspections, deadlines, and contingency costs may apply
Questions to ask Jennifer
- Which renovation program fits the planned work?
- How are inspections, draws, and change orders handled?
Renovation Loans: common questions
Can a renovation loan pay for any improvement?
No. Allowed work, property types, maximum costs, and contractor requirements depend on the program. Get the scope reviewed before committing to a project.
Is renovation financing the same as construction financing?
No. Renovation typically involves eligible improvements to an existing home, while construction financing generally supports a new build. Major projects need a program-specific review.
Utah mortgage guidance
A local conversation. A property-specific plan.
Jennifer serves borrowers in Davis County and Washington County from her Kaysville office. Eligibility depends on your financial profile, the actual property, and the loan program—not simply the city where you buy.
Office: 69 East 200 North, Suite A, Kaysville, UT 84037. Programs and terms are subject to underwriting and may change.