Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation.
- Take out one loan to both purchase and renovate a home, also available for refinancing
- Low mortgage rates and low down payment requirements for qualified borrowers
- Potential to earn equity quickly by purchasing a home below market value and repairing or remodeling
- These loans facilitate the improvement of distressed properties, which contribute to the betterment of neighborhoods and communities
- Renovate a property that is above the conforming loan limit