RENOVATION

There are different types of Conventional and Government backed renovation loans. These loans allow you to improve a property in many different ways, whether it be remodeling, repairs, structural changes, landscape, upgrading utilities, and much more. A renovation loan allows you to roll the cost of all permitted renovations and improvements into a one-time closing. This closing takes place before any of the actual work begins. A repair escrow is established, and the funds are dispersed to the contractor upon completion and inspection. A renovation loan can be used on an existing property that you own or on a purchase of a property that needs repair. Credit score and debt-to-income requirements apply.