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2015-01-20 00:18:45
Review: an in-depth look Renovation Loans
 
Ending our weekly series, we take an in-depth look at Renovation Loans 

Renovation loans allow home buyers and homeowners to take advantage of future equity when financing improvements to their home.  The loan amount is based on the lesser of the as-completed value determined by the appraiser or the sales price plus the total cost of renovations. 

 

Prior to the introduction of renovation loans, homeowners had to use their existing savings, get a cash-out refinance based on current equity or take out an expensive second mortgage. 

A single-loan financing option saves the borrower money and time, whether they are purchasing or refinancing. One application. One loan. One set of closing costs. 

Renovation loans are available for small projects, big projects and everything in between.

 

Small Project Ideas

  • Repair or replace roofs, gutters and downspouts
  • Repair or replace HVAC system or plumbing and electrical systems
  • Upgrade appliances
  • Replace flooring
  • Kitchen and bathroom face lifts
  • Exterior and interior painting 

Big Project Ideas

  • Add more living space or finish a basement
  • Remodel kitchens and bathrooms
  • Install new appliances
  • Replace carpets, tiles, siding, gutters, and roof
  • Upgrade HVAC, plumbing, electrical, and water

 

Download our helpful Renovation Financing Guide for more information.


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