Purchase & Renovate Loan

The Purchase & RenovateSM program provides the following:


  • One loan to purchase a home and make renovations or repairs.
  • Conventional or FHA 203(k) loan options.1
  • Available with a fixed- or adjustable-rate.
  • Includes single-family, one-to-four units, planned unit developments, and condominiums.


  • Finance renovation costs. Loan amount is based on the home value after improvements are made.
  • Lower monthly payments. Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
  • More choices. Look at properties you wouldn’t otherwise consider.
  • Speed. Start improvements right after closing.2
  • Tax deductibility. Interest may be tax deductible (Consult your tax advisor on the deductibility of interest).3


  • Although FHA loans have the benefit of a low down payment, in many instances, FHA may be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
  • Financing may not be available for luxury items, such as a pool, hot tub or spa with all programs.
  • Requires hiring a contractor.
Myth: If I buy a home, I won't have money to do repairs. Truth: The Wells Fargo Renovation Loan allows you to pruchase your home and finance repairs in one transaction.