Have you ever seen a couple buying a house on TV saying things like “when we move in we will fix this” or “we can’t buy this home because it needs a new ______________……”? Maybe you or your spouse has had plans to make necessary upgrades or repairs to something in your house for years and never got around to it.
We hear these stories all the time, which is why we are happy to announce that we have a solution for those who are “never going to get around to it” as well as for people who want to buy a house but don’t have the money to spend $10,000 or more on necessary upgrades as soon as they move in.
The solution is a renovation mortgage or refinance.
Renovation loans allow prospective home buyers who qualify to buy a home and roll the cost of necessary upgrades into their mortgage. Renovation loans can be done with as little as 3.5% down payment. Consumers who already own their homes but want to get some upgrades done can roll the cost of work into a mortgage refinance and sometimes lower their interest rate at the same time.
The catch? The improvements you do must add appraised value to your home, or you must have equity in the house if you already own it.
The time frame? Renovation loans can close almost as fast as traditional loans. It all depends on the scope of work you are having done.
The Best Part? When you do a renovation loan the work is done by a licensed contractor so it gets done right!
Some common types of renovation loans include:
Call or click below to see if you qualify!
Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Please contact us for an exact quote and for more information on fees and terms.