Finding the Right Loan for Your Dream Home

Home Renovation Loans

The perfect way to finance a fixer-upper

 

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Designed for the Renovation 

Renovation Loans are designed for people wanting to finance both the mortgage to purchase or refinance a fixer-upper.

  • One loan, one closing, and one payment for both the mortgage to purchase or refinance the home and the funds needed for major and minor improvements
  • Improvement funds are held in an interest-earning, FDIC-insured escrow account and disbursed as the work is completed (maximum of five disbursements)
  • Competitive long-term Fixed or Adjustable Mortgage Rates
  • Low down payments starting at 3.5% of the property acquisition and repair costs
  • Less-strict FHA qualification requirements
  • Can finance up to six months’ mortgage payments into the loan if the home is uninhabitable during rehab
  • Include funds to cover potential expenses and fees
  • May finance the cost to rent another home during renovations
  • Numerous eligible properties, including one- to four-unit single-family dwellings, condominiums, manufactured housing, and mixed-use properties (residential with commercial); owner-occupied only
  • Six months are allotted to complete the work

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