Renovation Loan
Fixer-Upper?
If you’ve found a home or fixer-upper with great potential, but it needs a little TLC, you might consider a home renovation loan. This type of loan includes both the money you need to fix up the home and the mortgage used to purchase the home.
Similar to a construction loan, homebuyers can utilize one loan and one set of closing costs to turn a house into a home. Buy the home as-is and make all the major upgrades with just one loan or refinance if you’re looking at expanding or adding on to your existing home.
Rates? Contact Us Apply NowRenovation Loan Benefits & Requirements
BenefitsMay be used for purchase or refinance Max 97% LTV, all available loan products for 1 unit primary residences Max 90% LTV, 15-year maximum term for second homes Max 85% LTV, 15-year maximum term for investment properties Cost of renovations limited to 50% of the ‘as completed’ value ‘Do it yourself’ option is available for renovations made to 1-unit properties by the borrower, not to exceed 10% of the ‘as completed’ value Units in an eligible PUD or condo are permissible Maximum financed properties are limited to four when this product is used for a second home ProFed underwriting and servicing |
RequirementsSubject to contractor review and acceptance based on scope of work Work must be performed by third party contractors Advances for work performed will be paid directly to contractor, with authorization from borrower All funds to be used for improvements without cash back to borrower from the transaction Subject to credit, income, and asset review |
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Home Loan Rates
Apply Now| Loan Product | Maximum Loan to Value (LTV) | Minimum Loan | Term | Rate as low as | APR* as low as |
|---|---|---|---|---|---|
| Conventional Mortgage | Up to 100% LTV | No Minimum | 10, 15, 20, 30 Year - Fixed Rate | Click here for current rates | First-Time Homebuyer | Up to 97% LTV | No Minimum | Up to 30 years - Fixed Rate | Click here for current rates |
| USDA Loan | Up to 100% LTV, 101% with Guarantee USDA Fee | No Minimum | 30-year Fixed Term | Contact us for current rates | ARM Loan | Up to 100% LTV | No Minimum | 5/1 & 7/1 - Variable Rate | Click here for current rates | Construction Loan | Up to 95% LTV | No Minimum | Flexible Terms - Fixed Rate | Click here for current rates |
| Land Loan | Up to 75% LTV | No Minimum | 15-year Fixed | Contact us for current rates | $475 Refi | Up to 80% LTV | No Minimum | Up to 180 Months - Fixed Rate | Click here for current rates |
| Renovation Loan | Up to 97% LTV | No Minimum | Up to 30-year Fixed Rate | Contact us for current rates | |
| Home Equity Loan | Up to 80% LTV | $10,000 | 12 - 120 Months - Fixed Rate | 7.490% | 7.490%** |
| Home Equity Loan | Up to 81 - 90% LTV | $25,000 | 121 - 180 Months - Fixed Rate | 7.740% | 7.740%*** |
| Home Equity Line of Credit | Up to 80% LTV | $10,000 | 120 Months - Variable Rate | 6.750% | 6.750%**** |
Membership at ProFed is required. *The annual percentage rate (APR) listed are our best rates. Home Equity Rates were last updated on 2/11/26. Your rate may vary depending on your credit score. **Annual Percentage Rate is based on a loan amount of $10,000 and a term of 120 months. ***Annual Percentage Rate is based on a loan amount of $25,000 and a term of 180 months. ****The Rate for the Home Equity Line of Credit is based on prime (index), as published in the Wall Street Journal on the last day of the month, plus a margin. The Annual Percentage Rate is based on a $10,000 line of credit.
The Process Of A Construction Loan Vs. A Mortgage Loan
Read MoreBenefits And Costs Of Owning A Home
Learn MoreFrequently Asked Questions
A ProFed renovation loan helps you finance home improvements, remodels, or repairs—all in one simple loan. It’s a great way to update your home, increase its value, or make it truly yours.
ProFed combines your renovation costs with your mortgage (or provides standalone financing) so you can pay for upgrades over time instead of out of pocket. Funds are released in stages as your project moves forward.
Whether you’re planning a kitchen or bath remodel, adding a new room, replacing your roof, updating flooring, or making energy-efficient upgrades, ProFed renovation loans can help. Big or small, we’re here to make your vision a reality.
With ProFed, you’ll enjoy competitive rates, low closing costs, and personalized guidance from local lenders who understand your goals and your community. It’s financing designed around you.
Yes! ProFed renovation loans are ideal for turning a fixer-upper into your dream home—combining the purchase price and renovation costs into one affordable loan.
Yes, you’ll work with a licensed contractor and submit a detailed renovation plan. ProFed’s team will help coordinate the draw process so your funds are released as work is completed.
You can typically borrow based on your home’s future appraised value after improvements. A ProFed loan officer can help you determine your borrowing limit and monthly payment options.
Eligible projects include cosmetic upgrades, structural repairs, energy efficiency improvements, and accessibility modifications. If it improves your home’s function or value, it likely qualifies.
Most renovation loans are approved within 35 days, depending on the project scope and appraisal. ProFed’s local lending team ensures a smooth and responsive process.
You can apply online, visit your nearest ProFed branch, or speak with a local mortgage expert. We’ll help you plan your project, choose the right loan option, and turn your renovation ideas into reality.