Renovation Loans
Dream renovations start with solid foundations—secure yours with a Renovation Loan.
What are Renovation Loans?
Renovation loans are specialized loans to fund home improvement projects. These loans can be used for various purposes, from basic repairs and upgrades to more extensive remodeling projects of an existing home or additions to a property.
This type of loan can be utilized for a variety of purposes, including repairs, remodeling, or implementing energy-efficient enhancements. It also provides financing options for primary residences, vacation homes, and rental properties. It may not be used for luxury upgrades.
Renovation Loan Requirements
Minimum 620 Credit Score
Requires a minimum credit score of 620 for Renovation Loans
Hazard/Homeowners Insurance Statement
Proof of Hazard and Homeowners insurance is required to obtain a renovation loan.
Licensed and Insured Contractor
All rehab work must be completed by a licensed and insured contractor
Benefits
Low Down Payment
You can move into your new home with a down payment as low as 3%.
Lower Monthly Payments
Monthly payments will be lower since they will be spread out over a longer period.
Fixed Interest Rates
Your interest rate will remain fixed for the entire life of the loan.
No Prepayment Penalties
There won't be any prepayment penalties if you're looking to pay off your mortgage early.
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They were always responsive to my needs and allowed for a smooth process. All of the processing took place in a timely manor and there were no hold ups on their end. I would highly recommend this group to anyone in need of a mortgage.
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