The best-located house on the street is often the one that needs the most work — and most buyers walk past it because they can't see how to pay for the house and the repairs. A renovation loan solves that: one mortgage that finances the purchase and the improvements together, based on what the home will be worth when the work is done.
Sea View Mortgage is a Monmouth County–based lender led by President / Loan Officer Philip Wallace, with 25+ years in the business. We finance fixer-uppers across New Jersey and in the other states where we're licensed — including FHA 203k loans — and we'll tell you honestly whether a property's numbers work before you write the offer.
See the house it could be? Let's run the numbers on it.
Call (732) 443-4859 or start your application online today.
Talk to a Renovation-Loan Specialist Call (732) 443-4859
A renovation loan rolls the purchase price and the cost of repairs or improvements into a single mortgage, with the loan sized against the home's after-improved value — the appraised value of the home once the work is complete. The repair funds aren't handed to you at closing; they're held in an escrow account and released in stages as work is completed and inspected, the same draw discipline used in construction lending. When the work is done, you have one loan, one payment, and a finished home.
That structure opens doors a standard mortgage doesn't:
The FHA 203(k) program is the best-known renovation loan, and it comes in two versions:
| 203k Limited | 203k Standard | |
|---|---|---|
| Scope of work | Minor, non-structural repairs and improvements | Major work, including structural repairs, room additions, and full rehabilitations |
| Typical projects | Kitchens and baths (no structural changes), roofing, HVAC, appliances, cosmetic updates | Structural fixes, additions, converting use (e.g., single-family to multi-unit where permitted), extensive systems work |
| Repair budget | Capped — the Limited program has a maximum total repair cost set by FHA (currently $75,000) | No FHA repair cap beyond the overall loan limits |
| HUD consultant | Not required | Required — an FHA-approved 203k consultant prepares the work write-up and oversees draws |
| Contractor | Licensed contractor required; work permitted per program rules | Licensed contractor(s) required; consultant validates bids and scope |
Both versions require the work to be done by contractors — 203k is not a DIY program — and both carry FHA's mortgage insurance structure. Down payment follows standard FHA terms for eligible borrowers.
FHA isn't the only route. Conventional renovation programs (such as Fannie Mae's HomeStyle® Renovation) exist in the market and can fit buyers who:
Which renovation programs Sea View currently offers — FHA 203k, conventional renovation, or both — and any overlays on property type or project scope, is exactly what we'll confirm in the first conversation.
Monmouth County's housing stock is exactly the stock renovation loans exist for: pre-war colonials in Red Bank and Freehold, Victorians in Ocean Grove and Asbury Park, post-war ranches and capes across Middletown and Wall that have great lots and tired everything else. Add Shore-specific realities — homes that sat through storms, deferred maintenance on seasonal properties, and systems that aged in salt air — and a large share of the county's most fairly priced listings are the ones that need work. Renovation financing is how a buyer with a normal down-payment budget competes for them — including against cash investors, who are the other bidders on every one of those houses.
See the areas we serve across New Jersey.
Renovation loans are powerful and more work than a standard loan, in roughly equal measure:
Illustrative scenario — the following is an example created to show how this type of loan can be structured. It is not a specific past transaction.
Found a house with good bones and a bad kitchen? Bring us the listing before you decide it's out of reach — renovation math surprises people in both directions, and we'd rather run it early.
Call Philip Wallace at (732) 443-4859 or start your application online.
Building from scratch instead? See our construction-to-permanent loans.
It's an FHA mortgage that finances both the purchase (or refinance) of a home and the cost of repairing or renovating it, in one loan, based on the home's value after the work is complete. Repair money is held in escrow and released as work is completed and inspected. The Limited version covers minor, non-structural work up to a program repair cap; the Standard version covers major and structural work and requires an FHA-approved consultant.
Limited is for smaller, non-structural projects — kitchens, baths, roofs, systems, cosmetics — with a capped total repair budget and no consultant required. Standard handles structural repairs, additions, and full rehabilitations, with no FHA cap on repair cost (within overall loan limits) and a HUD-approved 203k consultant required to write up the project and oversee draws. We'll tell you which side of the line your project falls on from the bid list.
No — under FHA 203k rules, the work must be performed by licensed contractors, and draws are paid against inspected, completed work. Your own labor can't be financed through the repair escrow. This is one of the most common misconceptions about the program, and it's better to know it before you fall for a house on DIY math.
On a Standard 203k, yes — an FHA-approved 203k consultant inspects the property, prepares the specification of repairs and cost estimates, and reviews draw requests as work progresses. Their fee is part of the project cost structure. Limited loans don't require a consultant. Either way, the consultant works for the integrity of the project — buyers generally find a good one makes the process smoother, not harder.
Not with FHA 203k — it's for owner-occupied homes. Some conventional renovation programs do allow investment or second-home properties. Investors more commonly pair short-term fix-and-flip financing for the purchase and rehab with a DSCR loan for the long-term hold — structures we're glad to map out on one call.
You close on the loan first, then the work happens under the program's completion timeline — smaller Limited projects typically finish in weeks to a few months; Standard projects run longer. Whether you can occupy the home during the work depends on the scope (a roof and kitchen, usually yes; a gut rehab, no). Build the contractor's realistic schedule into your plans, not the optimistic one.
Sea View Mortgage — Philip Wallace, President / Loan Officer, NMLS #404069 · Company NMLS #1706303
27 Beach Rd Suite 5A, Monmouth Beach, NJ 07750
Phone: (732) 443-4859
Equal Housing Lender. This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site. Loans are arranged through third-party lenders. All loans subject to credit and property approval. This is not a commitment to lend. FHA loans are insured by the Federal Housing Administration. FHA 203(k) and other renovation loan programs are offered through participating lenders/investors; eligibility, repair caps, consultant requirements, timelines, and program terms are governed by FHA/HUD guidelines and lender overlays and are subject to change. HomeStyle® is a registered trademark of Fannie Mae; reference is descriptive only and implies no affiliation.