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Renovation Tools

Renovation Refinance Loan

With a renovation loan, you have the chance to refinance a home that requires repairs or updates and combine those expenses into a single, straightforward home loan. These renovations and enhancements can range from basic roof repairs to the addition of a master suite. The loan amount and the property's value will be determined based on the condition and worth of the home after the repairs are finished. This offers you the opportunity to potentially gain immediate equity in your home!

Why a Renovation Refinance Loan?

Many Options

Renovation loans are available in various options to suit different needs. Some popular choices include Fannie Mae HomeStyle, FHA 203(k), and VA loans.

One-Time Close

Renovation loans are designed to simplify the process, even when major construction is involved. With these loans, you can benefit from a single closing, meaning you only need to pay closing costs once and sign the necessary paperwork once. This streamlined approach saves you time and effort, making the loan process more convenient.

Certified Contractors

To ensure that the terms set by the specific renovation loan you select are met, most of these loans will typically require you to work with a certified contractor to complete your project. This requirement helps to ensure that the home meets the standards outlined by the loan agreement.

Credit Flexibility

Regardless of your current financial situation, there are renovation loan options available to you. Some loans have flexibility when it comes to credit scores, allowing individuals with a credit score as low as 580 to be eligible.

Steps to a Renovation Refinance Loan:

01  Get Pre-Approved.

Our online application can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.
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