Renovation Loan
Are you ready to remodel, update or repair your home? But not sure how to fund your project? Let us help!
We have several loan programs to help you remodel, update or repair your home with one simple loan, no need for a 2nd mortgage, and no need to save up cash. This is a one-time renovation refinance loan (purchase available too), there will be no need for “permanent financing” once renovation is completed. We can accommodate all types of repairs and upgrades from a roof replacement to an extensive addition to your home's square footage. Here are some of the product highlights:
• Allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property.
• Choose your own licensed contractor
• Requires equity as low as 5% after renovation and/or repairs
• Renovation funds escrowed in an interest-bearing account
• Up to 6 months to complete repairs
• Structural repairs are OK
• 15- & 30-Year Fixed loan terms available
• 1 or 2-Unit, site-built homes
• Soft costs (architectural services, engineering, permit fees, etc.) may be financed
• Primary Residence, Second Homes & Investment properties are eligible for this program, each subject to restrictions.