Home Improvement Loans
Turn your home into your Dream Home!
A Home Improvement Loan offers a great way to add value to your property and enjoy your home even more through the improvements you want to make.
- Major Improvement Projects Only -- complete remodel, room additions, full landscape projects only.
- Minimum $250,000 loan amount
- 1st Mortgage only (this is a bank program)
- OWNER-PRIMARY and SECOND HOME only -- not for investment.
- Remodeling or room additions
- Pool & spa and complete landscape projects
This program requires full income documentation, proper debt-income ratio, and reserves. A licensed general contractor is required (no owner-builder). In addition, work may NOT have already commenced on the project -- you will need approved plans, but this program is NOT a "completion" loan for major home improvement projects.
Funds are drawn on a disbursement basis as work is completed, per a draw schedule.
A 2/1 ARM is the default program for our home improvement loans, though fixed terms of 3/1 and 5/1 are available.
A Home Improvement Loan lets you borrow a percentage of the "after-improved" appraised value of the home.
80% Loan-to-Improved-Value $250,000 to $1.0 million loan amount
75% Loan-to-Improved-Value $1.01 million to $1.50 million loan amount
70% Loan-to-Improved-Value $1.501 million to $2.00 million
Loans over $2.0M -- call
Home Improvement Loans and
Credit Lines feature:
- 2/1, 3/1, or 5/1 Amortized Term adjustable-rate loans options
- Loans from $250,000 to $2.0 million +
- Interest-only payments on balance drawn prior to completion, fully amortized payments after completion.
- Available on primary residences and second homes only
- Requires 720 credit, full income doc, reserves, and no major derogatory credit issues in the last 7 years.