Buy or refinance and roll the improvement costs into one loan, with financing up to 110% of your home’s after-improved value.
Found a home with great bones that needs work? A renovation loan lets you finance the purchase or refinance and the improvement costs together, in a single mortgage, based on what the home will be worth after the work is done.
It is the smart way to turn a dated house into your dream home without draining savings or juggling a separate construction loan.
The loan amount is based on the appraised value after improvements, not the as-is condition, which is what lets you finance both the home and the upgrades. Many programs allow up to six months to complete the work, and some can escrow several months of mortgage payments while the home is being renovated. We will line up a program that matches your project’s scope.
Most permanent improvements: kitchens, baths, additions, roofing, systems, flooring, and more. The work has to add value and meet program guidelines, which we will walk you through.
On the after-improved value. An appraiser estimates what the home will be worth once the planned work is complete, and the loan is sized from that figure, up to program limits.
Yes. That is one of the best uses. You finance the purchase price and the renovation budget together in a single loan with one closing.
Tell us about the home and the work you want to do, and we will line up a renovation program that matches the scope.
