Renovation Loans

Renovation loans allow borrowers to finance both the purchase price of a home and the cost of its renovation through a single mortgage. This is perfect for buying properties that need repairs or updates. On this page, visitors can learn about the types of renovation loans available, the process for application, and the benefits of combining home purchase and renovation costs into one loan.

Loan Requirements

Recommended loan requirements

  • Detailed plan and budget for the renovations.
  • Contractor approval and project feasibility.
  • Credit score of 620 or higher.
  • Debt-to-income ratio in line with standard mortgage requirements.
  • Most types of home improvements can be financed, including structural repairs, modernizations, and energy-efficient upgrades.

  • Funds are typically disbursed to contractors in stages based on the completion of predetermined phases of the renovation.

  • They can have higher interest rates and fees due to the additional risk and complexity of funding renovation projects.

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