Explore Our Various Renovation Loans
Many Americans across the nation are taking advantage of the boost in equity their house has received over the past few years by renovating their homes. Some have chosen new roofing while others have decided they would like to cut costs and go for solar panels. Maybe you have a newborn on the way and would like to add-on to your home so you can be more comfortable for years to come. Maybe this heat has made your pool dreams become a necessity. Whatever the case may be, we have many loans for renovating from which you can choose. Not sure which reno loan is best for you? No worries. Simply give us a call and we will guide you to the best renovation loan for you and your family.
Summer is almost here! Get those renovations done before school starts again! Our renovation loan products are perfect for fixer-uppers or older homes that need updating! We have multiple loan options that will suit your needs.
CONVENTIONAL RENOVATION LOAN
If you don’t fall under the VA, FHA, or USDA Loan for renovating program requirements, our Conventional Loan for renovating is available to all who qualify! You can use our conventional renovation loan to purchase a home that needs repairs/updates or refinance a home you already own and add the cost of renovations to your loan balance with a single mortgage closing. Ask us how!
CONVENTIONAL RENOVATION LOAN FEATURES
- 620 minimum qualifying credit score
- Maximum LTV up to 97%
- Repairs or additions can be structural or non-structural
- Eligible property types:
1-4 Unit Primary Residences
1-Unit Second Homes
PUD’s
Multiwidth Manufactured Homes
Approved Condos
VA RENOVATION LOAN
If you are a veteran, active duty, reserves, national guard service member, or a surviving spouse receiving VA compensation, our VA Loan for renovating may be a perfect fit for you. You can use these loans to repair or update a home that you already own or purchase a new home and roll in the cost of the renovations at closing. You can add the cost of renovations to your loan balance with a single mortgage closing.
VA RENOVATION LOAN FEATURES
- Renovations and repairs up to $100,000
- 580 minimum qualifying credit score
- Loan-To-Value up to 100%
- Home must be habitable during renovation
- Repairs must be non-structural
- Perfect for those looking to do repairs such as repainting, upgrades, fixture updates, or adding accessibility for disabilities such as ramps and rails
- Conforming Loan Limits only
- Eligible property types:
1-2 Unit Primary Residences
Multiwidth Manufactured Homes
FHA RENOVATION LOAN
Our FHA Loan for renovating is perfect for those who qualify! You can use the loan to purchase a home that needs repairs or updates, or refinance a home you already own, and add the cost of renovations to your loan balance with a single mortgage closing.
FHA RENOVATION LOAN FEATURES
- 580 minimum qualifying credit score
- Loan-To-Value – Purchase 96.5%, Refinance 97.75%
- Repairs or additions can be structural or non-structural
- HUD consultant is required
- Eligible property types:
1-2 Unit
Manufactured housing
FHA HRAP Approved Condos
Site Condo
PUDs
HUD REO
USDA RENOVATION LOAN
Do you live in one of the designated areas for USDA loans? If yes, then it may be the perfect fit for you. You can use the loan to purchase a home that needs repairs or updates and add the cost of renovations to your loan balance with a single mortgage closing (refinances are not allowed). The USDA loan program has location and income restrictions. If you do not know whether you live in the designated USDA areas, we will be happy to look it up for you.
USDA RENOVATION LOAN FEATURES
- 580 minimum qualifying credit score
- Loan-To-Value up to 100%
- Repairs or additions can be structural or non-structural
