When purchasing or refinancing a home that needs repairs, there are four potential options:
In each case, the program rolls together the home purchase or refinance costs with the funds needed to pay your contractor to fix, upgrade, modify, and make additions to your home according to your vision.
Fill out a Loan Application and get qualified
for a purchase or refinance Home
Renovation Loan.
Consult with your own Contractors,
Architects, Engineers, and/or other
specialists to create a final set of plans.
You choose a Licensed Contractor
who at least meets MINIMUM
requirements.
An Appraiser must verify that your
renovation will add to the
homes’ value.
After closing at a Title Company,
your renovation money is sent to
an Escrow Account.
After your Contractor completes a phase,
the Lender sends an inspector to verify the work is
done before payment is sent.
Once complete, the Lender has a
final inspection to authorize a final payment.
Enjoy your upgrades!
