Home Renovation Loan Program
Home renovation loans allow borrowers to finance the costs associated with upgrading, remodeling, or repairing a home.
Indications - this program is a good choice for:
- Can provide property owners with funds to make upgrades to a home in need of improvements.
- Can provide borrowers with funds to purchase a fixer upper.
What are the benefits?
- New Construction: Renovation loans are not for use in building a new home.
- Qualifying and Credit Standards: Products have credit and qualifying standards that must be met.
- Licensed Contractors: Typically, renovation loans require borrowers to use a licensed contractor, who has experience with the type of work needed. Borrowers are not permitted to complete the work unless they are a licensed contractor.
Typical Disqualifying Considerations?
- Most Home Renovation Loan Programs require borrowers to work with a HUD Consultant. The HUD Consultant works with the borrower in managing the construction project and with keeping the contractor on target.
- Provides borrowers with an option to build personal equity by purchasing a property that needs upgrades or repairs or by updating their existing home.
Alternative Programs
