Ashland walked us through every step and made a complicated purchase feel completely manageable — we always knew what was next.
Katie M. · Minnetonka, MNFixer-upper buyer
Renovation lending · Lending Lakes & Co
Buy the almost-perfect house.
Finance the perfect part.
One mortgage covers the home and the renovation — FHA 203(k), HomeStyle, CHOICERenovation, and VA reno loans from Ashland Alitz and the Lending Lakes team at Fairway Home Mortgage.
⭐ 4.89 across 423 verified reviews · NMLS #1584948
Ashland · Lending Lakes & Co
we found a house we LOVE but the kitchen is straight out of 1987 😬
Then let's buy the house AND the kitchen you actually want — one loan, one payment. What's the project? 👇
Tap a project:
$400K house + $55K reno ≈$0/moprincipal & interest, sample estimate*
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Renovation programs
The big idea
One loan buys the house and the renovation
A renovation loan is based on what the home will be worth after the work is done — the "as-completed" value. The renovation budget is built into your mortgage at closing, held in escrow, and paid to your contractor as the work passes inspection.
No construction loan. No draining your savings. No 24% credit card carrying the new kitchen. Just one closing and one monthly payment that covers everything.
So the bank lends based on the house's FUTURE value?
Exactly. The appraiser values it as-completed — which is why the dated house nobody wants can become the best deal on the block. 📈
As-is price$400K
+ Renovation$55K
As-completed$495K*
*Illustrative example only. Appraised as-completed value varies by property, project and market — it is not guaranteed to exceed cost.
The menu
Five ways to finance a renovation
FHA 203(k) Limited
The "make it yours" loan — up to $75,000 of cosmetic and non-structural work rolled into an FHA mortgage with just 3.5% down.
Learn more →FHA 203(k) Standard
The full-gut option — structural work, additions, and major rehab financed into one FHA mortgage, guided by a HUD consultant.
Learn more →HomeStyle Renovation
Fannie Mae's conventional renovation loan — flexible projects (yes, even pools), second homes and investment properties welcome.
Learn more →CHOICERenovation
Freddie Mac's renovation loan — HomeStyle's twin, plus a streamlined eXPress version for smaller projects.
Learn more →VA Renovation
For eligible Veterans — buy and renovate with 0% down, no monthly mortgage insurance, and the VA's famously strong terms.
Learn more →No idea which one?
Totally normal. Text Ashland the address and the project — she'll match the program to your scenario in one conversation.
💬 Text 612-505-7663 →Play with the numbers
Two tools, zero email walls
Renovation Budget Builder
Tap the projects on your wish list — kitchen, roof, basement, addition — and watch the budget total build itself. Then send it straight to the payment calculator.
Build my budget →Reno Payment Calculator
House price + renovation budget + your down payment = one estimated monthly payment, with the full breakdown in an animated donut. Sliders included, jargon not.
Estimate my payment →
2025HousingWire
Rising Star
Rising Star
Your renovation guide
Meet Ashland Alitz
Ashland leads Lending Lakes & Co, the Eden Prairie–based Fairway Home Mortgage team behind 423+ five-star-caliber reviews and 963 families helped branch-wide in 2025 alone. Renovation files are where her team's process obsession pays off — contractor bids, consultants, draws, and timelines all managed so you can focus on picking the countertops.
Licensed in 10 states, powered by an all-star team of seven, and honestly delighted when you text photos of the ugly kitchen you're about to transform.
Real clients, real reviews
Five stars.4.89 across 423 verified reviews
Highlights paraphrased from verified reviews on Experience.com, Google, Zillow & Facebook — every buyer real.
Fast, organized, and honest about our options. The whole process closed ahead of schedule.
Derek S. · Eden Prairie, MNRefinance
She answered every question — even the ones we were embarrassed to ask — and got us to closing without a single surprise.
Amanda R. · Chaska, MNFirst-time buyer
Second loan with Ashland and her team. Communication was constant and everything happened exactly when they said it would.
Jordan T. · Minneapolis, MNRepeat client
The team treated our loan like it was their own home on the line. Detail-obsessed in the best way.
Lauren B. · Prior Lake, MNNew construction
Clear numbers, zero pressure, and a genuinely kind team. We recommend Lending Lakes to everyone.
Chris & Emily W. · Bloomington, MNMove-up buyer
Ashland walked us through every step and made a complicated purchase feel completely manageable — we always knew what was next.
Katie M. · Minnetonka, MNFixer-upper buyer
Fast, organized, and honest about our options. The whole process closed ahead of schedule.
Derek S. · Eden Prairie, MNRefinance
She answered every question — even the ones we were embarrassed to ask — and got us to closing without a single surprise.
Amanda R. · Chaska, MNFirst-time buyer
Second loan with Ashland and her team. Communication was constant and everything happened exactly when they said it would.
Jordan T. · Minneapolis, MNRepeat client
The team treated our loan like it was their own home on the line. Detail-obsessed in the best way.
Lauren B. · Prior Lake, MNNew construction
Clear numbers, zero pressure, and a genuinely kind team. We recommend Lending Lakes to everyone.
Chris & Emily W. · Bloomington, MNMove-up buyer
No dumb questions
Renovation lending, translated to human
"As-completed value"? "Contingency reserve"? "Draw schedule"? Our glossary gives every term the friend treatment — plain English, real examples, zero gatekeeping.
what does "as-completed value" even mean 😅
It's what your home will appraise for AFTER the renovation — and it's the number your whole loan is built on. See? Not scary.
Found the almost-perfect house?
One conversation with Ashland puts real numbers on the table — the house, the renovation, and the single monthly payment that covers both. No pressure, no jargon, no obligation.