Renovation Loans

Finance home improvements into your home loan! Purchase, Refinance & Cash-out options are available. 

• Owner occupied single-family homes, PUDs, condominiums.
• Second home 1 unit
• Investment properties 1-4 unit 
• Manufactured homes not eligible
• Maximum loan amount varies by county, call for details

Renovation costs including the contingency reserve must not exceed 15% of the adjusted purchase price (acquisition cost) or the “as completed value” whichever is less. Appraiser will determine “as-is” and “improved value.”

• The renovation project must be completed within 90 days of closing 
• Acceptable improvements include:
  • Kitchen update
  • Bathroom update
  • Finishing an incomplete room like a bedroom or an area in a basement
  • Flooring and Painting
  • Updated electrical or new furnace
  • All improvements must be attached to the subject property
  • Improvements may not alter the foundation of the home

*Program not offered in the state of Texas.