Limited Options: There are several types of renovation loan products including VA, FHA, USDA, and Conventional loan types.

Perfect Credit Score Required: Not everyone needs perfect credit to qualify for a renovation loan; various factors are taken into account including the property's value and the renovation plan.

Limited Use: Renovation loans can be used for a wide range of improvements, not just essential repairs, including cosmetic upgrades and energy efficiency projects.

Complex Process: While there may be additional steps involved, most renovation loans are handled through a streamlined process.

Purchase Loans Only: Refinance options exist too, making it a great option for those who would rather upgrade their existing home.

High Cost: Most renovation loans will allow you to include the projected value of the renovations in the loan amount, helping to lower the upfront cost.