About this role
Job title: Renovation Loan Specialist
About the Role A Renovation Loan Specialist helps borrowers understand renovation loan options designed to finance both purchase and improvements. This role explains program details (FHA 203(k) including Limited and Standard forms, Fannie Mae HomeStyle Renovation, Freddie Mac CHOICERenovation, and VA Rehab Loans), assesses eligibility, and guides clients through timelines, budgeting, and the process of coordinating with licensed professionals to meet loan requirements.
What You'll Do
- Explain and compare renovation loan options: FHA 203(k) Limited (up to $35,000) and Standard for major renovations, Fannie Mae HomeStyle Renovation, Freddie Mac CHOICERenovation, and VA Rehab Loans.
- Advise on down payments and eligibility: FHA typically requires a 3.5% down payment; VA Rehab may involve no down payment for eligible veterans.
- Help clients plan renovations and budgeting, including contingency reserves, and outline timelines (most loans require renovations to be completed within 6 to 12 months depending on loan type and scope).
- Ensure projects meet loan requirements by engaging licensed contractors for major work and guiding customers through the purchase-plus-renovation financing process.
- Provide clear resources and answers to frequently asked questions about fixer-upper loans and process steps.
What We're Looking For
- Strong knowledge of renovation loan programs and the ability to explain differences, requirements, and optimal uses to clients.
- Experience in mortgage lending or customer counseling with familiarity across FHA 203(k), HomeStyle Renovation, CHOICERenovation, and VA Rehab Loans.
- Ability to assess borrower eligibility, down payment implications, and appropriate repair/renovation scopes within loan constraints.
- Good communication skills to coordinate with clients and lenders, and to educate buyers on timelines and contingencies.
- Familiarity with budgeting and risk management to help clients build contingency reserves and avoid over-borrowing.
Nice to Have
- Prior experience in renovation lending or working with contractors and builders.
- Knowledge of financing luxury renovations (e.g., detached structures, specialty improvements) under CHOICERenovation.