Buying a Home in Need of Improvement

Found your dream home, but it’s slightly less than perfect? Discover why a renovation mortgage loan may be right for you.

Turn your vision into a reality.

A renovation loan is a convenient, single loan that combines your home's purchase price and home improvement expenses all in one loan. 

Financing is based on the value of the home after you make the improvements, so you're not limited by the amount of equity currently available to you. M&T's renovation mortgage loans offer low down payments, low closing costs and a variety of loan terms.

Renovation loans can be used for a wide range of home improvements, including:

  • Siding
  • Windows
  • Roofing
  • New kitchen or bath
  • Additions
  • Landscaping
  • And much more

​​Home Renovation Loan Options

FHA 203(k) Renovation Mortgage

The FHA 203(k) features a low down payment and low closing costs. You can finance a variety of home improvements and choose from short- and long-term fixed rate as well as adjustable rate mortgages.

​Fannie Mae HomeStyle Mortgage

An FNMA HomeStyle Mortgage offers larger loan sizes for homes in need of renovation, repair or remodeling.

SONYMA Remodel New York

Offered by the State of New York Mortgage Agency (SONYMA) in New York State, this program features a competitive interest rate for first time buyers purchasing a home in need of improvement. Down payment assistance is available. Borrowers are required to meet income and purchase price limits.

Take the next step.

For more details on renovation mortgage programs, please contact us today.

​​Call us.


​Have us call you.

Send your name and contact information, and an M&T Mortgage Loan Officer will get in touch.

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All lending products are subject to credit and property approval. This is not a commitment to make a mortgage loan. Products are not available in all states. Certain conditions and restrictions apply. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense compared with your current situation. NMLS #381076.