Renovation Loan

The Renovation program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing all funds for renovation will be escrowed in an interest earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage. Soft costs such as architectural services, engineering and permit fees may be financed. Full builder third-party contracts only

PROPERTY TYPES • 1 to 4-unit, site-built homes • Modular homes (constructed in sections off-site, but when installed at the site, takes on the characteristics of a site-built home) • PUD (Fannie Mae-warrantable) • Condominium (Fannie Mae-warrantable)