What is a Renovation Loan?
Renovation Mortgage Loans allow borrowers to purchase a home and finance remodeling or renovations costs into the mortgage. The home must be the borrower’s primary residence – not an investment property and renovations cannot be more than 50% of the home’s value. Credit requirements are similar to conventional mortgage loans.
Renovation loans are a great option for purchasing a fixer-upper home. Contact us for more information on the renovation loan requirements to find out if this is an option that meets your renovation needs.