Our renovation loans are a great option for fixer uppers planning a new purchase with improvements or a renovation to an existing home. With this loan, borrowers can finance up to 80% of the appraised value of the completed home, and a one-time close makes paperwork painless.
- Purchase a home or refinance your current home and roll the renovations cost into one loan
- Owner occupied, second home, investment property
- Eligible properties: single family, 1-4 units, townhouses, condominiums and Planned Unit Developments
- Financing up to 80% of the appraised value; value based on the after-improvement worth
- Maximum loan amount up to $417,000.00
- Jumbo loan options to qualified borrowers
- If using a licensed contractor, all specifications for the renovations must be submitted
- If self-contracting, a detailed materials and labor cost list is required
- One closing – helps in reducing closing costs
- ARM (Adjustable Rate Mortgage) loan; call for details
- Renovation funds are held in an escrow account with Home Bank and disbursed upon inspection of completed work
- Eligible lending areas: branch locations and all adjacent parishes
Call to connect with an experienced, local lender near you: 866-401-9440.