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.