Found a home with potential that needs some work? A renovation loan rolls the purchase price and the cost of improvements into one mortgage — so you can buy and fund the upgrades without juggling separate financing.
Why Buyers Choose It
- One loan, one closing. Combining purchase and repair costs helps keep closing expenses down.
- For buyers and owners alike. Available whether you’re purchasing or refinancing.
- Built around your project. Options to match a wide range of improvement plans.
What It Takes To Qualify
- Solid credit
- A down payment of 3.5% or more
- You’ll live in the home yourself
- A debt-to-income ratio under 45%