Home Improvement

Renovation Loans can be used for general home improvements and energy savings.  If you’re buying a home that needs to be completely remodeled or just touched up in a few areas, our renovation loans allow you to combine your renovation costs into your mortgage so there is one loan with one closing. The amount borrowed is a combination of the cost of the home and the estimated price of the repairs, including labor expenses. This type of loan is backed by the Federal Housing Administration.

A 203k home renovation loan is a great option for borrowers who want to finance home improvement expenses.

• Buy & Improve: Finance an older home that needs significant remodeling—realizing the benefits of a better home than you might otherwise qualify for
• Renovate to Sell:  Get up to $35,000 cash out, with a mortgage balance that can exceed the appraised value of your “pre-renovation” home

FHA 203k loans follow the standard eligibility guidelines for the FHA mortgages.  In general, borrowers have access to low down payment, relatively relaxed credit standards, and favorable debt to income ratios.

Here are some types of projects eligible for our Home Improvement Loans:

• HVAC systems (heading and air conditioning)
• New kitchen appliances
• Washer and dryer upgrades
• Roofs, gutters, and downspouts
• Plumbing and electrical upgrades
• Minor kitchen or bathroom remodeling
• Installing carpet, tile, or wood flooring
• Restoring windows or doors
• Weather stripping and insulation upgrades
• Disability improvements
• Energy efficient upgrades
• New siding
• Building a home addition
• Removal of lead-based paint
• Decks, patios, porches

Types of properties that qualify:

• A one-to-four-unit home that has been complete for at least a year
• A home that has been torn down as long as some of the existing foundation still remains
• Select condos

Renovation Loans can be used for general home improvements and energy savings.  If you’re buying a home that needs to be completely remodeled or just touched up in a few areas, our renovation loans allow you to combine your renovation costs into your mortgage so there is one loan with one closing. The amount borrowed is a combination of the cost of the home and the estimated price of the repairs, including labor expenses. This type of loan is backed by the Federal Housing Administration.

A 203k home renovation loan is a great option for borrowers who want to finance home improvement expenses.

• Buy & Improve: Finance an older home that needs significant remodeling—realizing the benefits of a better home than you might otherwise qualify for
• Renovate to Sell:  Get up to $35,000 cash out, with a mortgage balance that can exceed the appraised value of your “pre-renovation” home

FHA 203k loans follow the standard eligibility guidelines for the FHA mortgages.  In general, borrowers have access to low down payment, relatively relaxed credit standards, and favorable debt to income ratios.

Here are some types of projects eligible for our Home Improvement Loans:

• HVAC systems (heading and air conditioning)
• New kitchen appliances
• Washer and dryer upgrades
• Roofs, gutters, and downspouts
• Plumbing and electrical upgrades
• Minor kitchen or bathroom remodeling
• Installing carpet, tile, or wood flooring
• Restoring windows or doors
• Weather stripping and insulation upgrades
• Disability improvements
• Energy efficient upgrades
• New siding
• Building a home addition
• Removal of lead-based paint
• Decks, patios, porches

Types of properties that qualify:

• A one-to-four-unit home that has been complete for at least a year
• A home that has been torn down as long as some of the existing foundation still remains
• Select condos