Q: How Does It Work? A: The process is easy, simply:
1. Find a house that you feel would gain value with improvements - maybe even your current home!
2. Call or apply online to speak to our team
3. Work with our team to develop your renovation plan
4. Obtain an appraisal based on the value of the house once improvements are made.
5. With your help, your loan can close in the same timeline as a traditional purchase and your project begins!
Q: What is the maximum loan amount for this program? A: The maximum loan amount is $453,100, per agency guidelines.
Q: How long does it take to close on a renovation loan? A: Approximately the same amount of time it takes to close a normal purchase transaction, which is typically 30 to 40 days depending on circumstances surrounding the bids and appraisal process.
Q: How long does it take to complete the renovation phase? A: No project should exceed 120 days or 4 months