renovation
Renovation Loans
Finance the purchase and improvements in a single loan—or upgrade your current home. Renovation programs can help fund repairs, updates, and value-add projects with clear guidance from our local team.
Why a Renovation Loan?
How it works
- Finance purchase + improvements in a single loan (or refinance to fund renovations).
- Work with licensed contractors and an approved scope of work.
- Funds are disbursed as work is completed and inspected.
Common projects
- Kitchens, baths, roofing, flooring, energy upgrades.
- Safety repairs, accessibility improvements, weatherization.
- Structural fixes (when program-eligible) and code compliance.
Eligible property types (program-dependent)
- Primary residences (single-family, some condos/townhomes).
- Second homes (select programs).
- Multi-unit (limits apply).
- Investment properties (limited availability).
Pros & Considerations
- Single loan can simplify financing and timeline.
- Potential to improve comfort, efficiency, and resale appeal.
- Local guidance from application to final inspection.
- Contractor bids, inspections, and draws required.
- Program limits, eligibility, and timelines vary.
- Costs, contingencies, and appraisal requirements apply.
What to expect
We align on scope, budget, and timeline with your contractor.
Program eligibility, contractor review, and an appraisal considering completed value (when applicable).
Funds are released in stages as work is verified—keeping your project on track.
FAQs
Can I finance both purchase and renovations together?
Yes—many renovation programs allow you to combine the home purchase with approved improvements in a single loan.
Do I need contractor bids?
Yes. Licensed contractor bids and a defined scope of work are typically required. Inspections and draw schedules apply.
How is the loan amount determined?
Depending on the program, the appraisal may consider the “as-completed” value of the home. Program limits and eligibility apply.